NXT :: descendant of Bitcoin - Updated Information

[Anon136]

who in this community has the technical skills to help me build a forum ontop of the nxt blockchain? preferably someone who isnt enormously busy with another useful project. ill pay.

[TwinWinNerD]

who in this community has the technical skills to help me build a forum ontop of the nxt blockchain? preferably someone who isnt enormously busy with another useful project. ill pay.

I don't really like the idea. This way posts would only be updated roughly every 60 seconds and also the blockchain would get stuffed.

[Anon136]

who in this community has the technical skills to help me build a forum ontop of the nxt blockchain? preferably someone who isnt enormously busy with another useful project. ill pay.

I don't really like the idea. This way posts would only be updated roughly every 60 seconds and also the blockchain would get stuffed.

we could use magnet links to torrents and posts could be done in batches. the 60 second thing would be a problem. mostly im just looking at it as a simpler proof of concept for what would need to be developed for a true decentralized marketplace.

[Eadeqa]

You get dividends

So if the company makes profit, they pay some of the profit to their asset holders?. As nxt is decentralized anonymous with no govt involvement, there is  no legal framework and checks and balances to insure the "company" isn't lying.
 
I don't think it's going to do anything for nxt (short to long term --- nxt needs to be at least at bitcoin level in popularity before even a semi-legitimate business like a gambling company) would issue such asset. I won't buy it still.

Lets move on.

And let's say you want to trade BTC/NXT, who do you trust more, the blockchain + a gateway or a site like cryptsy?
You will be able to trade BTC/NXT on the asset exchange.

Also, luckily most people here see the extreme advantages of an asset exchange, the little number of people who doubt the concept don't matter.

That's not dividend. I am getting a commodity in return (bitcoin) right away. This is different.

please catch up what the word asset means.

Thank you

http://en.wikipedia.org/wiki/Asset

I asked if I can use asset  exchange to buy a commodity like pot, and someone said no. A bitcoin is a commodity.

By the way, this isn't trustless as I will have to trust bitstamp that they will send me real bitcoin if I buy their asset.

[TwinWinNerD]

but what is the real advantage?

There are way better solutions for decentralised hosting.

[IveBeenBit]

For all the posting you are doing on this topic, you show no signs of having considered the mathematical reality of what happens when $500 million of business flows into the Nxt system, and they are forced to use only Nxt to settle their trades.

https://bitcointalk.org/index.php?topic=345619.msg5815603#msg5815603

Furthermore, you fail to acknowledge that if a European wants to trade Euros for a commodity or an equity, he will favor the platform that allows him to denominate his trade in Euros. A Nxt fork will emerge that allows that, and we'll all be sitting here as kings of an abandoned currency.

This argument is simply a fallacy and an easy one to spot. Its like saying no market can ever grow because "its too small right now". If 500 million was injected into the nxt system it would not be overnight. It would be over time and the ecosystem would adapt, along with price, distribution and liquidity increasing significantly. While volatility would in cause, reduce greatly.

OK fine...then while we wait for Nxt to achieve several $trillion in market cap, let Nxt compete against all other assets and allow people the freedom to choose their own currency to do business. Maybe one day they will choose Nxt based on its merits.

[TwinWinNerD]

You get dividends

So if the company makes profit, they pay some of the profit to their asset holders?. As nxt is decentralized anonymous with no govt involvement, there is  no legal framework and checks and balances to insure the "company" isn't lying.
 
I don't think it's going to do anything for nxt (short to long term --- nxt needs to be at least at bitcoin level in popularity before even a semi-legitimate business like a gambling company) would issue such asset. I won't buy it still.

Lets move on.

And let's say you want to trade BTC/NXT, who do you trust more, the blockchain + a gateway or a site like cryptsy?
You will be able to trade BTC/NXT on the asset exchange.

Also, luckily most people here see the extreme advantages of an asset exchange, the little number of people who doubt the concept don't matter.

That's not dividend. I am getting a commodity in return (bitcoin) right away. This is different.

please catch up what the word asset means.

Thank you

http://en.wikipedia.org/wiki/Asset

I asked if I can use asset  exchange to buy a commodity like pot, and someone said no. A bitcoin is a commodity.

By the way, this isn't trustless as I will have to trust bitstamp that they will send me real bitcoin if I buy their asset.

Are you trolling?

You can't buy pot this way because you would buy the right to buy pot... and not pot directly. It is not a shop but an exchange.

Also you only buy an IOU. Like a share is....

Yes you need to trust bitstamp to redeem it, but the exchange of those tokens is trustless

[mczarnek]

You get dividends

So if the company makes profit, they pay some of the profit to their asset holders?. As nxt is decentralized anonymous with no govt involvement, there is  no legal framework and checks and balances to insure the "company" isn't lying.
 
I don't think it's going to do anything for nxt short to long term --- nxt needs to be at least at bitcoin level in popularity before even a semi-legitimate business like a gambling company would issue such asset. I won't buy it still.

Lets move on.

The way Nxt makes money is by people needing to pay the forgers to do stuff, either you forge yourself or you point your forging power at another account and get paid for it.

Exact same thing as dividends on your stock (in this case Nxt).

[joefox]

I asked if I can use asset  exchange to buy a commodity like pot, and someone said no. A bitcoin is a commodity.

By the way, this isn't trustless as I will have to trust bitstamp that they will send me real bitcoin if I buy their asset.

The person who said no is not correct. Anon136, as an example, is planning to use the AE to sell silver bullion.

The AE alone does NOT solve the trust issue, but other things might: multi sig transactions, escrow via Nxt AT agent, etc.

[intmain()]

Wow, this thread really explodes when the price starts to rise!

[landomata]

Wow, this thread really explodes when the price starts to rise!

Pulse of the market.

[Damelon]

who in this community has the technical skills to help me build a forum ontop of the nxt blockchain? preferably someone who isnt enormously busy with another useful project. ill pay.

I don't really like the idea. This way posts would only be updated roughly every 60 seconds and also the blockchain would get stuffed.

we could use magnet links to torrents and posts could be done in batches. the 60 second thing would be a problem. mostly im just looking at it as a simpler proof of concept for what would need to be developed for a true decentralized marketplace.

I think you fail to see (this time ) why a forum is used: to discuss and socialise, nót to show off what you can do technically.

I can see where you are coming from, and it would be great if this was here nów, but it isn't.

It is a means to an end at the moment, the end being: having a place to discuss with a better structure than this thread.

Once we can do that decentrally, great. For now, I'd like you to consider to also discuss over there, as it will really, really help!

[Eadeqa]

Are you trolling?

You can't buy pot this way because you would buy the right to buy pot... and not pot directly. It is not a shop but an exchange.

Also you only buy an IOU. Like a share is....

Yes you need to trust bitstamp to redeem it, but the exchange of those tokens is trustless

I wasn't trolling Why can't I buy pot by redeeming pot asset-- just like bitcoin would be redeemed by bitstamp?

The seller issues a pot asset. I buy it (with some amount of nxt).  Then I "redeem" it and the sellers mails me the pot (I have to send him my address but that's between me and the seller).

[Eadeqa]

I asked if I can use asset  exchange to buy a commodity like pot, and someone said no. A bitcoin is a commodity.

By the way, this isn't trustless as I will have to trust bitstamp that they will send me real bitcoin if I buy their asset.

The person who said no is not correct. Anon136, as an example, is planning to use the AE to sell silver bullion.

Exactly. This confusion started when someone said no ( think it was wesleh)

The real discussion was high fees. I  want to sell $5 pot the fees to issue asset should not be $40.

By the way, I don't do drugs -- but lets stick to selling pot as an example

[TwinWinNerD]

Are you trolling?

You can't buy pot this way because you would buy the right to buy pot... and not pot directly. It is not a shop but an exchange.

Also you only buy an IOU. Like a share is....

Yes you need to trust bitstamp to redeem it, but the exchange of those tokens is trustless

I wasn't trolling Why can't I buy pot by redeeming pot asset-- just like bitcoin would be redeemed by bitstamp?

The seller issues a pot asset. I buy it (with some amount of nxt).  Then I "redeem" it and the sellers mails me the pot (I have to send him my address but that's between me and the seller).

Because it is retarded (sry). If i want to sell pot, i want to know when money comes in and when i have to send out something. Why would i issue tokens so that someone can buy those and then redeem them anytime they want? Also what if i only want to sell a good for a limited time?

A marketplace like bitmit or silkroad makes much more sence...

[Come-from-Beyond]

I think the digital good store could be the place to go. Let's wait how it will 'look' like.

CfB - ETA?

Depends on testing.

[Come-from-Beyond]

I think the digital good store could be the place to go. Let's wait how it will look like.

CfB - ETA?

im confused why its a digital goods store and not just a goods store

Actually it is quite clever, they want to make it that you pay and it immediately releases the digital good to you.

For example someone wants 5 NXT for a picture of beyonce getting fucked from behind.
Then you pay and immediately the network releases this picture to you. (don't know how yet)

it is trustless!

thats super awesome!

so then that means i do in fact want to start my own project. i want to build a bitmit type service on top of the nxt blockchain. would anyone be interested in this? i would probably be willing to pay up to 100,000 nxt to get it done right the way i want it though im not sure if i would need to pay that much. ill have to do some more research. we need a new bitmit and bitmit_2.0 may as well be built onto of a blockchain that way we dont ever have to worry about it going away like the last one.

this could in theory be the nxt killer app to send us to the moon.

It's wrong. Trust to seller is still required.

[Eadeqa]

Are you trolling?

You can't buy pot this way because you would buy the right to buy pot... and not pot directly. It is not a shop but an exchange.

Also you only buy an IOU. Like a share is....

Yes you need to trust bitstamp to redeem it, but the exchange of those tokens is trustless

I wasn't trolling Why can't I buy pot by redeeming pot asset-- just like bitcoin would be redeemed by bitstamp?

The seller issues a pot asset. I buy it (with some amount of nxt).  Then I "redeem" it and the sellers mails me the pot (I have to send him my address but that's between me and the seller).

Because it is retarded (sry). If i want to sell pot, i want to know when money comes in and when i have to send out something. Why would i issue tokens so that someone can buy those and then redeem them anytime they want? Also what if i only want to sell a good for a limited time?

The buyer buys it and redeems it right away. If the buyer waits for an year, well, he lost his money and the asset is worthless.

We have messaging system. The buyer can send (encrypted) message to the seller and they can arrange am agreement.

[TwinWinNerD]

Are you trolling?

You can't buy pot this way because you would buy the right to buy pot... and not pot directly. It is not a shop but an exchange.

Also you only buy an IOU. Like a share is....

Yes you need to trust bitstamp to redeem it, but the exchange of those tokens is trustless

I wasn't trolling Why can't I buy pot by redeeming pot asset-- just like bitcoin would be redeemed by bitstamp?

The seller issues a pot asset. I buy it (with some amount of nxt).  Then I "redeem" it and the sellers mails me the pot (I have to send him my address but that's between me and the seller).

Because it is retarded (sry). If i want to sell pot, i want to know when money comes in and when i have to send out something. Why would i issue tokens so that someone can buy those and then redeem them anytime they want? Also what if i only want to sell a good for a limited time?

The buyer buys it and redeems it right away. If the buyer waits for an year, well, he lost his money and the asset is worthless.

We have messaging system. The buyer can send (encrypted) message to the seller and they can arrange am agreement.

What use is the asset exchange in this scenario?? Why not use a marketplace?

[Eadeqa]

Are you trolling?

You can't buy pot this way because you would buy the right to buy pot... and not pot directly. It is not a shop but an exchange.

Also you only buy an IOU. Like a share is....

Yes you need to trust bitstamp to redeem it, but the exchange of those tokens is trustless

I wasn't trolling Why can't I buy pot by redeeming pot asset-- just like bitcoin would be redeemed by bitstamp?

The seller issues a pot asset. I buy it (with some amount of nxt).  Then I "redeem" it and the sellers mails me the pot (I have to send him my address but that's between me and the seller).

Because it is retarded (sry). If i want to sell pot, i want to know when money comes in and when i have to send out something. Why would i issue tokens so that someone can buy those and then redeem them anytime they want? Also what if i only want to sell a good for a limited time?

The buyer buys it and redeems it right away. If the buyer waits for an year, well, he lost his money and the asset is worthless.

We have messaging system. The buyer can send (encrypted) message to the seller and they can arrange am agreement.

What use is the asset exchange in this scenario?? Why not use a marketplace?

What market place? Silkroad where FBI confiscated all the money? Silkroad 2.0 where they claim someone stole their bitcoins? On asset exchange the seller and buyer are dealing directly with each other, without a third party involvement.