NXT :: descendant of Bitcoin - Updated Information

[paradigmflux]

PS, I am looking for a web developer to give me a hand (well, haha, I need more than just a hand) in developing hashrate.org
I would be willing to offer a slight stake in the overall pool profit in return for the assistance (which is intended to eventually be 2%, once the pool is out of beta.. it is currently 0%.)

[1714065591]

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[1714065591]

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[Eazic]

I have been thinking about this nxt mining pool thing.  Am I right with my ideas?  It seems to me that this could basically kill every alt coin one by one, basically anything that is not running off of PoS.

Yes that it is!

Everyone with large stock of nxt buy the mining rigs

http://www.ebay.com/sch/i.html?_trksid=p2050601.m570.l1311.R1.TR12.TRC2.A0.H0.Xmining+r&_nkw=mining+rig&_sacat=0&_from=R40

even if you lose money initially by buying the rig, price pump (in a month or 2) will make up for it  

[jl777]

Please listen to James.

Here is a chart I made using the top 7 Bitcoin exchanges. I pulled the data from bitcoincharts.com/markets.

"BTC Sell order move price 10%" is the amount of BTC you would have to sell to drop the price 10% on that exchange.
"BTC Buy order move price 10%" is the amount of BTC you would have to buy to raise the price 10% on that exchange.
"USD Equivalent" is the USD equivalent of making those purchases and sales, and accounts for slippage.



What this means is that with less than $10 million worth of trading action, you can immediately move the bitcoin price 10% and throw the markets into chaos.

THIS IS WITH THE 800 POUND CRYPTO GORILLA: BITCOIN

Bitcoin has a $7.3 billion market cap.

Trading 0.14% of Bitcoin's total market cap will cause havoc.

$10 million is peanuts to big financial interests.

Big money will not touch NXT for trading commodities.

Do the math!

Thank you for the support. (and buybitcoinscanada and brooklyn)

However it seems that a lot of people here simply want a 1.0 coin and not a platform.

I get the feeling that everytime I come up with a cool new feature, a lot of people will get upset and I am not sure what to do. With NXT I can do almost anything and I am in the process of designing a set of features that will put NXT so far ahead of all the other cryptos, but now I am having second thoughts.

Why bother. It will probably just get shouted down because nobody has ever done it before, or it will "kill NXT" by some magical illogical means. But that is what I do. I come  up with stuff nobody has ever done before that the MARKET wants. It is a combined tech/marketing thing that I have the  knack for. Probably because I have done a lot of tech marketing and a lot of coding and a fair amount of trading. Kind of a unique combination.

Remember when I said I wanted to do a gateway. Yawns, boredem. Centralized, yada, yada. Well I thought I could make a gateway that was a cut above the centralized exchanges and after an incredibly long period of four weeks I am close to a beta release of a fragmented automated multisig gateway. To my defense, I have been sidetracked for a significant part of that time simply defending myself from attacks. I did also release the "coin that shall not be named". Not sure if anybody ever said it couldnt be done, but people wanted a way to reinforce forging and it solves that.

Now I am writing all this software. Some of it will require support in the NXT core, most of it wont. I think I will simply stop posting any details about anything. There is no point when math gets debated. I just see math where others see, I dont know what. Every time this sort of thing happens, I lose the positive state of mind that is needed for this type of cutting edge work.

I cannot keep fighting over each and every feature that i need to support what I am doing. I am not asking for NXT AE to be changed to be denominated in NXT. I am just asking for the ability to be able to have the option to denominate trades in some other asset. Certainly with the neanderthal mindset that nodecoin will somehow kill NXT, doing anything like this will certainly put a stake through its heart.

Here is the plan. I will make a short list of things that I need to implement what I am working on, it will be something like:

1. comment field in asset transfer (this I need to 100% correlate gateway deposit transfers to deposits) I hope this wont cause NXT to explode too.

2. Fractional assets

3. the ability to denominate AE trades in other assets

4. some special NXT acct to be used for mixing and/or NXTcash, needs a little support in the core, not much

5. tbd. probably a few more small changes, not sure yet as I am still not done with the full design

Am I asking for too much?

Unlike most people, I am working night and day on NXT. I am writing a lot of code. I am adding features to NXT that no other crypto has. I have not disclosed all the features it will have as I have not been very encouraged by the reception so far of what I thought was noncontroversial features. It must be so easy to complain about everything. I try to be positive. I try to stay focused. While what I am doing is not exactly what BCNext envisioned, I believe it is in the same spirit and I am trying to complete as much of the feature checklist as I can, as fast as I can.

Please start a poll on whether you want NXT to be a platform or a 1.0 type of coin or some magical mystical fairytale impossibility. I can do platform, you dont need me for 1.0 type coin, the last one is beyond me.

James

[bp8011]

anybody can send me some testNXT

ID: 8455369816053425769

thank U

[Eadeqa]

To my defense, I have been sidetracked for a significant part of that time simply defending myself from attacks.

Exactly. Zillions of posts, promises and plans but nothing delivered.

[jl777]

multigateway status

Waiting for result of platform poll. Wouldnt want to inadvertently give NXT platform like features if the community just wants a 1.0 coin or pink unicorns

I figured out how to get a lot of new people using NXT, but it requires the involvement of other cryptos and it probably would actually make them more useful. If people feel that crypto is a zerosum game and that anytime NXT helps another crypto, is somehow hurting itself, well then this feature is not good.

I feel that crypto is still a small child and that whatever platform that elevates all of crypto to mainstream use will be the big winner. The crypto that is the platform for the other cryptos. That is what platform means. Sometimes others get the glory, but everything is built on top of the platform.

I am thinking about what the market wants and how to provide it for them, usually using NXT. Sometimes NXT + other crypto, sometimes even no NXT involvement at all. Is that bad of me? I cant help it if some market needs are things NXT cant do. The market does not care how things are done, it just wants it done at the lowest cost without sacrificing necessary quality. NXT does get involved in a large percentage of the solution, but you do realize I am using bitcoind for the gateway. bitcoind is not NXT. With the requirement that everything has to be NXT, then there is nothing outside of NXT.

That would make NXT not much better than any of the other cryptos.

James

Edit: ever hear of a small company called microsoft? They created software that let other companies make products and get all big and profitable. Did each company that microsoft helped hurt microsoft or did it help them? I am not talking about the quality of the DOS, just the concept of a platform. DOS was a platform. It allowed other companies to make money. What would have happened if microsoft insisted that everybody only use their software and not allow any other software (in the beginning)?

[jl777]

To my defense, I have been sidetracked for a significant part of that time simply defending myself from attacks.

Exactly. Zillions of posts, promises and plans but nothing delivered.

Its nice to hear from one of my favorite trolls, though sometimes you actually make helpful posts. Very confusing

Edit: 9 million NXT to committees isnt exactly nothing, I seem to remember I might have had something to do with that. Maybe that is the only deliverable I have delivered so far. How long does it take you to go from concept to finished software? Probably 10 days right.

[Eadeqa]

To my defense, I have been sidetracked for a significant part of that time simply defending myself from attacks.

Exactly. Zillions of posts, promises and plans but nothing delivered.

Its nice to hear from one of my favorite trolls, though sometimes you actually make helpful posts. Very confusing

I was responding to your quote, " To my defense, I have been sidetracked for a significant part of that time simply defending myself from attacks. "

Perhaps if you spent more time on actually finishing, you wouldn't have to defend yourself.

[CIYAM]

Transfer of X qty of Asset A for Y qty of Asset B should be able to be done safely and atomically by an AT down the track so I don't think we should be considering any *core* changes for that.

Also parallel chains with atomic transfers via AT will be likely added.

[jl777]

To my defense, I have been sidetracked for a significant part of that time simply defending myself from attacks.

Exactly. Zillions of posts, promises and plans but nothing delivered.

Its nice to hear from one of my favorite trolls, though sometimes you actually make helpful posts. Very confusing

I was responding to your quote, " To my defense, I have been sidetracked for a significant part of that time simply defending myself from attacks. "

Perhaps if you spent more time on actually finishing, you wouldn't to defend yourself.

There are times when coding is counterproductive. For me, now is one of those times. Usually after coding for 16 hours, I get a little tired and I dont want to make silly coding mistakes that will take more time to debug. Better to just wait till tomorrow.

I used to look forward to catching up on this thread. Now it seems to becoming more and more hostile.

Maybe I just need to read every other post

[windjc]

Please listen to James.

Here is a chart I made using the top 7 Bitcoin exchanges. I pulled the data from bitcoincharts.com/markets.

"BTC Sell order move price 10%" is the amount of BTC you would have to sell to drop the price 10% on that exchange.
"BTC Buy order move price 10%" is the amount of BTC you would have to buy to raise the price 10% on that exchange.
"USD Equivalent" is the USD equivalent of making those purchases and sales, and accounts for slippage.



What this means is that with less than $10 million worth of trading action, you can immediately move the bitcoin price 10% and throw the markets into chaos.

THIS IS WITH THE 800 POUND CRYPTO GORILLA: BITCOIN

Bitcoin has a $7.3 billion market cap.

Trading 0.14% of Bitcoin's total market cap will cause havoc.

$10 million is peanuts to big financial interests.

Big money will not touch NXT for trading commodities.

Do the math!

Thank you for the support. (and buybitcoinscanada and brooklyn)

However it seems that a lot of people here simply want a 1.0 coin and not a platform.

I get the feeling that everytime I come up with a cool new feature, a lot of people will get upset and I am not sure what to do. With NXT I can do almost anything and I am in the process of designing a set of features that will put NXT so far ahead of all the other cryptos, but now I am having second thoughts.

Why bother. It will probably just get shouted down because nobody has ever done it before, or it will "kill NXT" by some magical illogical means. But that is what I do. I come  up with stuff nobody has ever done before that the MARKET wants. It is a combined tech/marketing thing that I have the  knack for. Probably because I have done a lot of tech marketing and a lot of coding and a fair amount of trading. Kind of a unique combination.

Remember when I said I wanted to do a gateway. Yawns, boredem. Centralized, yada, yada. Well I thought I could make a gateway that was a cut above the centralized exchanges and after an incredibly long period of four weeks I am close to a beta release of a fragmented automated multisig gateway. To my defense, I have been sidetracked for a significant part of that time simply defending myself from attacks. I did also release the "coin that shall not be named". Not sure if anybody ever said it couldnt be done, but people wanted a way to reinforce forging and it solves that.

Now I am writing all this software. Some of it will require support in the NXT core, most of it wont. I think I will simply stop posting any details about anything. There is no point when math gets debated. I just see math where others see, I dont know what. Every time this sort of thing happens, I lose the positive state of mind that is needed for this type of cutting edge work.

I cannot keep fighting over each and every feature that i need to support what I am doing. I am not asking for NXT AE to be changed to be denominated in NXT. I am just asking for the ability to be able to have the option to denominate trades in some other asset. Certainly with the neanderthal mindset that nodecoin will somehow kill NXT, doing anything like this will certainly put a stake through its heart.

Here is the plan. I will make a short list of things that I need to implement what I am working on, it will be something like:

1. comment field in asset transfer (this I need to 100% correlate gateway deposit transfers to deposits) I hope this wont cause NXT to explode too.

2. Fractional assets

3. the ability to denominate AE trades in other assets

4. some special NXT acct to be used for mixing and/or NXTcash, needs a little support in the core, not much

5. tbd. probably a few more small changes, not sure yet as I am still not done with the full design

Am I asking for too much?

Unlike most people, I am working night and day on NXT. I am writing a lot of code. I am adding features to NXT that no other crypto has. I have not disclosed all the features it will have as I have not been very encouraged by the reception so far of what I thought was noncontroversial features. It must be so easy to complain about everything. I try to be positive. I try to stay focused. While what I am doing is not exactly what BCNext envisioned, I believe it is in the same spirit and I am trying to complete as much of the feature checklist as I can, as fast as I can.

Please start a poll on whether you want NXT to be a platform or a 1.0 type of coin or some magical mystical fairytale impossibility. I can do platform, you dont need me for 1.0 type coin, the last one is beyond me.

James

James - I think its important that you just do what you do.  This Nxt community is the epitome of decentralized. Its like herding cats. And that's ok. But people are going to bitch and complain because thats what they do.

This is not a place for the thinned skin or for people looking for accolades before a finished product. Spend the time with people that support your efforts and ignore the others.  Stay clear with your vision.

NXT is a marathon not a sprint, so just keep your head down and look long term and realize that most of the people who argue with you today will not even be in the NXT community a year from now.

[xyzzyx]

I get the feeling that everytime I come up with a cool new feature, a lot of people will get upset and I am not sure what to do. With NXT I can do almost anything and I am in the process of designing a set of features that will put NXT so far ahead of all the other cryptos, but now I am having second thoughts.
...

Personally, I like the things you're doing, but whether or not people like your stuff at first shouldn't be a factor in building them.  You can't please everyone, and you shouldn't try.  If you're making things it should be because its something you want to do and have a passion for, not to please others.  You're doing cool things.  If others like it too, that's bonus.

[jl777]

Transfer of X qty of Asset A for Y qty of Asset B should be able to be done safely and atomically by an AT down the track so I don't think we should be considering any *core* changes for that.

Also parallel chains with atomic transfers via AT will be likely added.

As long as I am able to do it, I dont really care the exact method.
I didnt realize AT would be able to do asset operations, all I saw was send money
will also be able to write AM?

[CIYAM]

As long as I am able to do it, I dont really care the exact method.
I didnt realize AT would be able to do asset operations, all I saw was send money
will also be able to write AM?

Yes - my use cases already include AMs and it should be straight forward for an AT to deal with Assets.

[jl777]

I get the feeling that everytime I come up with a cool new feature, a lot of people will get upset and I am not sure what to do. With NXT I can do almost anything and I am in the process of designing a set of features that will put NXT so far ahead of all the other cryptos, but now I am having second thoughts.
...

Personally, I like the things you're doing, but whether or not people like your stuff at first shouldn't be a factor in building them.  You can't please everyone, and you shouldn't try.  If you're making things it should be because its something you want to do and have a passion for, not to please others.  You're doing cool things.  If others like it too, that's bonus.

The problem is that if the community rejects what I am doing, then some parts of what I am doing wont work. For example, I think there is a way to create a NXT network health indicator. nodeminer already is gathering most of the raw data that is needed.

I dont know exactly how yet, but if we are able to analyze the data from a significant percentage of nodes, we should be able to detect any significant forks or attacks.

However, this requires that a significant number of people install nodeminer. Without community support, NXT health monitor doesnt work. Similarily, NXTmixer requires a meaningful fraction of the people to participate. Without that, it is much less effective.

I know I cant please everyone, but if a significant minority are against something that indicates that something might be wrong. Somebody here said that.

NXT is supposed to be a platform. I think a lot of people know this, agree with this, but dont really understand what it means. At least not in depth.

If the community wants NXT to stay as it is, then how will it adopt entirely new platform features that might actually help other cryptos as it helps itself? For example, anonymity. It is a big feature for some people, for others a negative. I am therefore designing it to be an optional addon feature. Now, to get the best results, the more anonymity solutions you can combine, the better the result. This means working with DRK and ANC communities on joint initiatives. This means helping DRK and ANC to some extent. From previous experience, it seems that many people here will go bonkers after they find out NXT might actually help some second tier cryptos. Maybe I just need to get earplugs and ignore all the protests? However, I am sensitive to a fault, and when people I respect go on a tirade against something, I cant help but be concerned.

Its not like it is emule disgreeing with me, its Rickyjames. How do I ignore that? Clearly, he is representing a significant percentage of the NXT community who are not saying anything, but agreeing with everything he says.

I am getting the sense from a significant percentage of the community that NXT needs to be restricted. Cannot do this. Cannot do that, etc. NXT cannot be a platform and at the same time a closed solution.

Ricky wanted a mission statement: "To make NXT the platform upon which all of crypto goes mainstream"
NXT can be the glue that allows us to create real world solutions to get crypto adopted by the mainstream. It is not a zerosum game.

Now if the community wants a mission statement like: "To make NXT replace bitcoin", then it certainly becomes a zerosum game and one that I am not optimistic about. Why wage war against something 100 times bigger? Isnt that kind of, um, courageous?

I feel that NXT as a community is at a decision point. Do we want to wage war against bitcoin for supremacy in payments and become the crypto version of paypal or do we want to become a platform that will enable transformation of the world to an economy that is significantly crypto based.

I want a poll, but not sure how to set one up.

James

[jl777]

As long as I am able to do it, I dont really care the exact method.
I didnt realize AT would be able to do asset operations, all I saw was send money
will also be able to write AM?

Yes - my use cases already include AMs and it should be straight forward for an AT to deal with Assets.

thanks! Now just need Assetoshis

[alxx77]

Denominating assets in something other than NXT would require trusted issuer of some other asset that could be used for settling...?

 

[MadCow]

Thank you for the support. (and buybitcoinscanada and brooklyn)

However it seems that a lot of people here simply want a 1.0 coin and not a platform.

I get the feeling that everytime I come up with a cool new feature, a lot of people will get upset and I am not sure what to do. With NXT I can do almost anything and I am in the process of designing a set of features that will put NXT so far ahead of all the other cryptos, but now I am having second thoughts.

Why bother. It will probably just get shouted down because nobody has ever done it before, or it will "kill NXT" by some magical illogical means. But that is what I do. I come  up with stuff nobody has ever done before that the MARKET wants. It is a combined tech/marketing thing that I have the  knack for. Probably because I have done a lot of tech marketing and a lot of coding and a fair amount of trading. Kind of a unique combination.

Remember when I said I wanted to do a gateway. Yawns, boredem. Centralized, yada, yada. Well I thought I could make a gateway that was a cut above the centralized exchanges and after an incredibly long period of four weeks I am close to a beta release of a fragmented automated multisig gateway. To my defense, I have been sidetracked for a significant part of that time simply defending myself from attacks. I did also release the "coin that shall not be named". Not sure if anybody ever said it couldnt be done, but people wanted a way to reinforce forging and it solves that.

Now I am writing all this software. Some of it will require support in the NXT core, most of it wont. I think I will simply stop posting any details about anything. There is no point when math gets debated. I just see math where others see, I dont know what. Every time this sort of thing happens, I lose the positive state of mind that is needed for this type of cutting edge work.

I cannot keep fighting over each and every feature that i need to support what I am doing. I am not asking for NXT AE to be changed to be denominated in NXT. I am just asking for the ability to be able to have the option to denominate trades in some other asset. Certainly with the neanderthal mindset that nodecoin will somehow kill NXT, doing anything like this will certainly put a stake through its heart.

Here is the plan. I will make a short list of things that I need to implement what I am working on, it will be something like:

1. comment field in asset transfer (this I need to 100% correlate gateway deposit transfers to deposits) I hope this wont cause NXT to explode too.

2. Fractional assets

3. the ability to denominate AE trades in other assets

4. some special NXT acct to be used for mixing and/or NXTcash, needs a little support in the core, not much

5. tbd. probably a few more small changes, not sure yet as I am still not done with the full design

Am I asking for too much?

Unlike most people, I am working night and day on NXT. I am writing a lot of code. I am adding features to NXT that no other crypto has. I have not disclosed all the features it will have as I have not been very encouraged by the reception so far of what I thought was noncontroversial features. It must be so easy to complain about everything. I try to be positive. I try to stay focused. While what I am doing is not exactly what BCNext envisioned, I believe it is in the same spirit and I am trying to complete as much of the feature checklist as I can, as fast as I can.

Please start a poll on whether you want NXT to be a platform or a 1.0 type of coin or some magical mystical fairytale impossibility. I can do platform, you dont need me for 1.0 type coin, the last one is beyond me.

James

James - I think its important that you just do what you do.  This Nxt community is the epitome of decentralized. Its like herding cats. And that's ok. But people are going to bitch and complain because thats what they do.

This is not a place for the thinned skin or for people looking for accolades before a finished product. Spend the time with people that support your efforts and ignore the others.  Stay clear with your vision.

NXT is a marathon not a sprint, so just keep your head down and look long term and realize that most of the people who argue with you today will not even be in the NXT community a year from now.

James, please listen to windjc. Just do your 'thing' and focus on finishing your coding work. You have oodles of support in the NXT community, and I for one get freaked out when you start talking about throwing in the towel. There are plenty of key people in the NXT community that we can't afford to lose, and you're definitely one of them. You'll never please everyone, so stay out of this thread as much as possible, and concentrate on pleasing yourself. As you say, you have the perfect skill-set for NXT - code, tech marketing, & finance.

You don't have to justify what you're doing!

Now, go and have a few beers.

[BrianNowhere]

All you Bitcoin chasers need to listen to James.

PoS means earning on the back of all these others.

PoS means we're not going to mine more next week and have a bigger chunk than we did before.

PoS and TF means we can RUN all their actions for them, and take a CUT off the top. THIS will make NXT raise through the sky.

NXT is NOT for buying gum, or internet junk. It's for making huge amounts of OTHER actions happen.

[jl777]

This is not a place for the thinned skin or for people looking for accolades before a finished product. Spend the time with people that support your efforts and ignore the others.  Stay clear with your vision.

NXT is a marathon not a sprint, so just keep your head down and look long term and realize that most of the people who argue with you today will not even be in the NXT community a year from now.

thank you for your wise words.

I dont need accolades, it just would be nice if people didnt start campaigns directly opposing what I am proposing. Hey, that rhymed!

I just try to get people to realize that nothing is forcing people to use NXT. We cannot force, we must entice. That means to make it as easy as possible, as useful as possible, as beneficial as possible.

It seems that a lot of people think NXT has some sort of monopoly and that people have no other choices. Dont they realize that if NXT does not solve the problems that the market wants solved that whatever solves that problem, will get that market?

James