Transparent mining, or What makes Nxt a 2nd generation currency

[User705]

Where is this online version?  Also is there a way to do cold storage?  I understand that means I won't generate fee coins.

U have to find a public server that doesn't block access. I used to provide one but now it's used to host a special version with Asset Exchange.

To store coins in cold just send them to an account that u don't use. U have to send at least 1 NXT to any account though to reserve ur account id.

So generating an address can only be done by downloading the client and running it?  And once done and Nxt recieved I can erase it?  And after to retrieve coins I simply start up the new client with same pass phrase?

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[Come-from-Beyond]

So generating an address can only be done by downloading the client and running it?  And once done and Nxt recieved I can erase it?  And after to retrieve coins I simply start up the new client with same pass phrase?

Yes.

[RoooooR]

Why the price is going up? I sold yesterday, now its x3 ?

[Come-from-Beyond]

Why the price is going up? I sold yesterday, now its x3 ?

Anon136 published his review of Nxt mining algo.

[RoooooR]

Why the price is going up? I sold yesterday, now its x3 ?

Anon136 published his review of Nxt mining algo.

Oh thanks.

[User705]

Does the client still mine/forge if the lock button on the account is closed or it has to stay open?

[Come-from-Beyond]

Does the client still mine/forge if the lock button on the account is closed or it has to stay open?

It has to stay open. But u can close the browser.

[User705]

Does the client still mine/forge if the lock button on the account is closed or it has to stay open?

It has to stay open. But u can close the browser.

Where can I read about the security aspects of running it this way?

[dE_logics]

The 2nd scenario can't be applied to Nxt, coz no NXTs exist outside the network.

Why?

[Come-from-Beyond]

The 2nd scenario can't be applied to Nxt, coz no NXTs exist outside the network.

Why?

Err, because no NXTs exist outside the network. Supply of NXT is limited.

[dE_logics]

The 2nd scenario can't be applied to Nxt, coz no NXTs exist outside the network.

Why?

Err, because no NXTs exist outside the network. Supply of NXT is limited.

"Outside the network", do you mean the block chain cannot be forked?

[Come-from-Beyond]

"Outside the network", do you mean the block chain cannot be forked?

I mean that unlike ASICs, that can be created by someone, noone can create NXT coins (which r like ASICs in PoS currency) and bring them into the system.

[Cryddit]

I like this about Nxt:

In order to mine, you have to invest in Nxt, not in computer hardware.  
And when you sell some amount of your Nxt for Bitcoin (or whatever), you lose that amount of your ability to mine.

So it gets the usual pump-n-dump miners coming, and going.  In order to mine, they have to support the price by buying and holding.  And when they cash out, they lose their ability to mine.  So there's no jumping in and out the way multipools usually do, and the kind of disruption that causes simply doesn't happen.

It's also less unfair than the usual mining setup because it doesn't reward centralization.  If you some amount in mining Nxt, you get the same mining power per money invested as someone who invests any other amount in Nxt, where with most PoW coins you get substantially more than a fair share of blocks as you invest more money.

I like these features, but I bet P&D miners just hate 'em.  In fact, without the enthusiastic support of the "early miner" crowd, I wonder how nxt has even gotten past launch.

[Cryddit]

Of course, I dislike this about Nxt: 

Closed source code.  I like the mining algorithm, but absolutely cannot run closed-source from someone who would be hard to sue, for anything that involves a substantial amount of money. 

[dE_logics]

"Outside the network", do you mean the block chain cannot be forked?

I mean that unlike ASICs, that can be created by someone, noone can create NXT coins (which r like ASICs in PoS currency) and bring them into the system.

But we were talking about 51% attacks here. You mean the mining system is such that the block chain cannot be forked?

[Come-from-Beyond]

Of course, I dislike this about Nxt: 

Closed source code.  I like the mining algorithm, but absolutely cannot run closed-source from someone who would be hard to sue, for anything that involves a substantial amount of money. 

There are a lot of Java programmers on this board. Ask any and they will disassemble .class files, the files r not obfuscated. Ppl who say that Java binaries is closed source understand nothing in Java (well, they shouldn't).

[dE_logics]

I like these features, but I bet P&D miners just hate 'em.  In fact, without the enthusiastic support of the "early miner" crowd, I wonder how nxt has even gotten past launch.

I wouldn't like to comment on this before understanding the coin but --

dgex.com

How do you prove the authenticity of this site?

It maybe that the NXT author just inflated the prices (cause he's also owning the website) and took BTC for a crypto which has no value.

[Come-from-Beyond]

But we were talking about 51% attacks here. You mean the mining system is such that the block chain cannot be forked?

Ah, sorry, lost myself.

With transparent mining we should talk about 90% attack. 51% attack can't be conducted coz the other 49% will stick to "legit" chain. I wish I could explain this but my English is too little for that.

[User705]

"Outside the network", do you mean the block chain cannot be forked?

I mean that unlike ASICs, that can be created by someone, noone can create NXT coins (which r like ASICs in PoS currency) and bring them into the system.

But we were talking about 51% attacks here. You mean the mining system is such that the block chain cannot be forked?

Mining and owning BTC are two separate activities.  In Nxt they are not.  Assuming Nxt works as advertised double spends appear to be impossible.

[dE_logics]

"Outside the network", do you mean the block chain cannot be forked?

I mean that unlike ASICs, that can be created by someone, noone can create NXT coins (which r like ASICs in PoS currency) and bring them into the system.

You mean there's no incentive to fork the chain?

Remember, original question is the meaning of "Outside the network".