[ANN] NEX :: Nxt Reimagined - Industrial Strength - Imagine Fairness!

[PiNX]

PiNX solves distribution problem quite elegantly.

Requirement is 'Proof-of-Pi' (as in Raspberry Pi)

You could say this is unfair to those who don't own a Pi or don't want to get one, and you'd be right.  But, PiNX is not made for them.  It is made to run on Raspberry Pi.

Therefore, the distribution model is appropriate and fair for the target audience.

Come join us!

https://bitcointalk.org/index.php?topic=424202.0

KLONE siblings unite!

[1715622576]

1715622576

[KLONE]

PiNX solves distribution problem quite elegantly.

Requirement is 'Proof-of-Pi' (as in Raspberry Pi)

You could say this is unfair to those who don't own a Pi or don't want to get one, and you'd be right.  But, PiNX is not made for them.  It is made to run on Raspberry Pi.

Therefore, the distribution model is appropriate and fair for the target audience.

Come join us!

https://bitcointalk.org/index.php?topic=424202.0

KLONE siblings unite!

"Proof-of-Pi"  Outstanding!!!

edit: Your genesis block distribution has been ethically secured!!

[EmoneyRu]

42 pages? Seriously?

[EvilDan]

42 pages? Seriously?

Yes,  we r very serious. FRICTIONLESScoin is genius, make all fair now.
NXT bad coin, no fair. NEX good coin, fair for all peoples of the world.

[Raggsock]

This sounds interesting and I'm interested, count me in.

[bitular]

We will also allocate 1% for VISACOIN investors who lost their money.  This requires verification only that they sent BTC to the VISACOIN BTC donation address.  This is given freely.

Could you also include the NEON scam victims? - I think this would really help to make the distribution even fairer

I also lost money in the NEON scam can you allocate 1% of NEW NEX to NEON scammed if this is perfectly fair?

[EvilDan]

Yes, NEX must help stupid people. Scam coins very bad.

[GetVisaCoin]

We will also allocate 1% for VISACOIN investors who lost their money.  This requires verification only that they sent BTC to the VISACOIN BTC donation address.  This is given freely.

I must congratulate FrictionlessCoin on this proposal to use part of the NEX genesis block distribution to compensate the VisaCoin victims!!

I would say that the other side of the 'coin' for GetVisaCoin is sending a message of deterrence to future scammers, so my hunt for VisaCoin will continue.

This proposal does not alter my plan to offer the stolen bitcoins as a bounty (plus my 5 bitcoins) to an honest hacker in China to catch VisaCoin, but maybe I'm out of the NXT cloning business now.

If the VisaCoin victims are compensated elsewhere, then maybe the bounty hunter looking for VisaCoin can have the full 130 bitcoins, plus my 5.

Hopefully other NXT clone developers will consider offering something similar (I'm not going to discourage a bidding war either!).

Thanks again FrictionlessCoin!

[LiQio]

Hey FrictionlessCoin


A couple of hours ago I bought 1 bitcoin for 960 USD, then traded it for 7800 NXT
(over at bter, don't know if the price was any good, but I would walk miles for your free NEX)

Now my new questions (please answer old ones as well):

- where should I send those NXT to claim some of the 5% NEX reserved for NXT holders?

- How much NEX will I get?

- What will you do with the 1 Mio. NXT you might receive for free, uh, sorry NEX?


And speaking of Bitcoins, any plans on reserving 5% or 10% of NEX for Bitcoin scam victims
(you know guys who sold at 2 dollars a couple of years ago, because noone told them what
they will be worth in the future, those selfish bastards)


PS: I know you are really busy with photoshopping all the NXT graphics and flyers...
Retouching the "XT" to make it look like an "EX" is hell of a job.
But you're a machine we know it, keep up the sisyphus good work and please answer more questions, it is very important for people to understand, how free and fair NEX is!

[Burninj]

Interested too

[WayToGo]

interesting, have to wait and see how this pans out.
Any ideas about the price and market cap NEX could achieve once things settle down after launch?
Also what are the services planned around NEX? like merchants, games etc
Any roadmap from the development team?

[jubalix]

in for the nex offer...I think I put in earlier in this thread but can find it

[notsoshifty]

The Nxt / NEX price was set deliberately low.   This is to ensure that people exchanging Nxt for NEX have a higher probability of preserving their investment.   Theoretically, the ratio should be 1:1.  In fact, when NEX starts trading on the open market, the ratio may be achievable.

Would you have rather had the ratio at 1 NEX == 1 NXT?

What price and market cap does everyone think NEX will achieve once things settle down after launch?

Example:
 - 20,000 BTC market cap
 - 0.00002 BTC/NEX

Should people buy 10,000 NXT now (cost: slightly less than 1 BTC), trade it for 500,000 NEX on IPO/launch (0.05% of total NEX), and then sell for 10 BTC? Is the 10,000 NXT per person a hard limit?

[FrictionlessCoin]

We will also allocate 1% for VISACOIN investors who lost their money.  This requires verification only that they sent BTC to the VISACOIN BTC donation address.  This is given freely.

I must congratulate FrictionlessCoin on this proposal to use part of the NEX genesis block distribution to compensate the VisaCoin victims!!

I would say that the other side of the 'coin' for GetVisaCoin is sending a message of deterrence to future scammers, so my hunt for VisaCoin will continue.

This proposal does not alter my plan to offer the stolen bitcoins as a bounty (plus my 5 bitcoins) to an honest hacker in China to catch VisaCoin, but maybe I'm out of the NXT cloning business now.

If the VisaCoin victims are compensated elsewhere, then maybe the bounty hunter looking for VisaCoin can have the full 130 bitcoins, plus my 5.

Hopefully other NXT clone developers will consider offering something similar (I'm not going to discourage a bidding war either!).

Thanks again FrictionlessCoin!

Sure,  not a problem.  Always willing to help people in need. 

[FrictionlessCoin]

The Nxt / NEX price was set deliberately low.   This is to ensure that people exchanging Nxt for NEX have a higher probability of preserving their investment.   Theoretically, the ratio should be 1:1.  In fact, when NEX starts trading on the open market, the ratio may be achievable.

Would you have rather had the ratio at 1 NEX == 1 NXT?

What price and market cap does everyone think NEX will achieve once things settle down after launch?

Example:
 - 20,000 BTC market cap
 - 0.00002 BTC/NEX

Should people buy 10,000 NXT now (cost: slightly less than 1 BTC), trade it for 500,000 NEX on IPO/launch (0.05% of total NEX), and then sell for 10 BTC? Is the 10,000 NXT per person a hard limit?

I recommend reserving first 10,000 NXT, then buying it right before NEX release.  I expect that NXT price will crash prior to NEX release.

Yes, 10,000 NXT is a hard limit to prevent NXT founders who paid nothing from being richly rewarded.

[FrictionlessCoin]

PROPOSAL:

Implementation of the following PROOF OF BURN:  https://bitcointalk.org/index.php?topic=422309.0;topicseen  FOR NEX

Level 1 (LV1) coins are the name of the currency that will be distributed via the pre launch fundraiser. These are the coins that will be on exchanges and can be bought and sold. These coins will generate 1 additional LV1 coin per week for every 1,000 LV1 coins that you own (updates fractionally on the blockchain every 15 seconds and are rounded up to the nearest millionth). This means that in one year of holding 1,000 LV1 coins, you will receive roughly 50 LV1 coins, or 5% per annum. Doesn't seem like much? Keep reading.

Level 2 (LV2) coins can only be obtained by burning Level 1 coins. For every 1,000 LV1 coins that are burned you will receive one LV2 coin. These coins can not be exchanged, sold, or discarded by any means and will be attached to the wallet indefinitely. Each LV2 coin will generate five LV1 coins per week. In one year of holding one single LV2 coin, you will receive roughly 250 LV1 coins. This equates to an increase of 25% per annum. Much better isn't it?

This cycle is revolutionary in the sense that someone holding LV2 coins will generate coins at a fast rate and cause inflation, yet to get LV2 coins they would need to burn LV1 coins and that would cause deflation. In every case of inflation, there is a stronger deflation to counteract it. This may very well be the first currency, both fiat and crypto, that has a built in mechanism to eliminate inflation on a very large scale. The cherry on top is that this deflation is instant, whereas inflation is dragged out over a long period of time. Let me give you an example:

Assuming a constant demand, a typical Proof of Work or Proof of Stake coin will lose a vast amount of value as the supply of coins on the market increases. A Proof of Burn coin on it's own will forever be attached to a Proof of Work or Proof of Stake coin and by association will also lose value over time, again noting that this assumes a constant demand. Levelcoin on the other hand has evolved to use a combination of the best features of Proof of Stake and Proof of Burn. This has lead to a system that is highly resistant to inflation and may in fact have the opposite effect. Assuming a constant demand, the value of Levelcoin will likely increase as more and more people burn their LV1 coins, causing supply to dwindle.

Nothing like this has been tried before and should the system work as planned, any founder will see an enormous return on investment. There is very little incentive for users to "pump and dump" or to flip in and out. This coin caters more towards loyalists, and considering that there will not be botnets nor ASCI's to deal with, everyone will have an equal opportunity to take part. The system is built around simplicity. Have you noticed how all new self proclaimed "next generation" currencies are getting more and more complex, both in their algorithm and distribution methods? There is no need for that, and Levelcoin aims to prove that. Google had the right idea by creating a simple search engine, and look where that got them!

Those who have faith in the currency and are in it for the long haul will reap enormous benefits from burning their LV1 coins to obtain LV2 coins and then selling the LV1 coins obtained via interest on an exchange that will likely be proprietary. Or they could choose to burn those new coins and compound their interest while at the same time creating scarcity for LV1 coins. The choice is yours. There will always be demand due to the fact that LV2 coins can not be obtained in any way other than by the purchase and burning of LV1 coins.

In summary,  this looks like an excellent idea.   Pre-launch NEX coins will be LV1 coins and new coins will be LV2 coins.  

This proof of burn functionality is superior to the 'forging' feature of Nxt.

The LV1 coins will be called "NEX Foundation Coins"

The LV2 coins will be called "NEX Proof of Stake Coins"

Note: Only NEX Foundation Coins are exchangeable as described by the proposal.

We will refine this over time.

[LiQio]

Thank god, he's back - already thought he ran with the dev account, before collecting all the NXT he is so desperately waiting to get his hands on - phew

So again please answer the questions

------------------------------------


Hey FrictionlessCoin


A couple of hours ago I bought 1 bitcoin for 960 USD, then traded it for 7800 NXT
(over at bter, don't know if the price was any good, but I would walk miles for your free NEX)

Now my new questions (please answer old ones as well):

- where should I send those NXT to claim some of the 5% NEX reserved for NXT holders?

- How much NEX will I get?

- What will you do with the 1 Mio. NXT you might receive for free, uh, sorry NEX?


And speaking of Bitcoins, any plans on reserving 5% or 10% of NEX for Bitcoin scam victims
(you know guys who sold at 2 dollars a couple of years ago, because noone told them what
they will be worth in the future, those selfish bastards)


PS: I know you are really busy with photoshopping all the NXT graphics and flyers...
Retouching the "XT" to make it look like an "EX" is hell of a job.
But you're a machine we know it, keep up the sisyphus good work and please answer more questions, it is very important for people to understand, how free and fair NEX is!

[EvilDan]

PROPOSAL:

Implementation of the following PROOF OF BURN:  https://bitcointalk.org/index.php?topic=422309.0;topicseen  FOR NEX

Level 1 (LV1) coins are the name of the currency that will be distributed via the pre launch fundraiser. These are the coins that will be on exchanges and can be bought and sold. These coins will generate 1 additional LV1 coin per week for every 1,000 LV1 coins that you own (updates fractionally on the blockchain every 15 seconds and are rounded up to the nearest millionth). This means that in one year of holding 1,000 LV1 coins, you will receive roughly 50 LV1 coins, or 5% per annum. Doesn't seem like much? Keep reading.

Level 2 (LV2) coins can only be obtained by burning Level 1 coins. For every 1,000 LV1 coins that are burned you will receive one LV2 coin. These coins can not be exchanged, sold, or discarded by any means and will be attached to the wallet indefinitely. Each LV2 coin will generate five LV1 coins per week. In one year of holding one single LV2 coin, you will receive roughly 250 LV1 coins. This equates to an increase of 25% per annum. Much better isn't it?

This cycle is revolutionary in the sense that someone holding LV2 coins will generate coins at a fast rate and cause inflation, yet to get LV2 coins they would need to burn LV1 coins and that would cause deflation. In every case of inflation, there is a stronger deflation to counteract it. This may very well be the first currency, both fiat and crypto, that has a built in mechanism to eliminate inflation on a very large scale. The cherry on top is that this deflation is instant, whereas inflation is dragged out over a long period of time. Let me give you an example:

Assuming a constant demand, a typical Proof of Work or Proof of Stake coin will lose a vast amount of value as the supply of coins on the market increases. A Proof of Burn coin on it's own will forever be attached to a Proof of Work or Proof of Stake coin and by association will also lose value over time, again noting that this assumes a constant demand. Levelcoin on the other hand has evolved to use a combination of the best features of Proof of Stake and Proof of Burn. This has lead to a system that is highly resistant to inflation and may in fact have the opposite effect. Assuming a constant demand, the value of Levelcoin will likely increase as more and more people burn their LV1 coins, causing supply to dwindle.

Nothing like this has been tried before and should the system work as planned, any founder will see an enormous return on investment. There is very little incentive for users to "pump and dump" or to flip in and out. This coin caters more towards loyalists, and considering that there will not be botnets nor ASCI's to deal with, everyone will have an equal opportunity to take part. The system is built around simplicity. Have you noticed how all new self proclaimed "next generation" currencies are getting more and more complex, both in their algorithm and distribution methods? There is no need for that, and Levelcoin aims to prove that. Google had the right idea by creating a simple search engine, and look where that got them!

Those who have faith in the currency and are in it for the long haul will reap enormous benefits from burning their LV1 coins to obtain LV2 coins and then selling the LV1 coins obtained via interest on an exchange that will likely be proprietary. Or they could choose to burn those new coins and compound their interest while at the same time creating scarcity for LV1 coins. The choice is yours. There will always be demand due to the fact that LV2 coins can not be obtained in any way other than by the purchase and burning of LV1 coins.

In summary,  this looks like an excellent idea.   Pre-launch NEX coins will be LV1 coins and new coins will be LV2 coins. 

This proof of burn functionality is superior to the 'forging' feature of Nxt.

FRICTIONLOSScoin: u r very genius. I love this idea, burning so much better than forging. I tell all people sell NXT, come 2 NEX.

[EvilDan]

PROPOSAL:

Implementation of the following PROOF OF BURN:  https://bitcointalk.org/index.php?topic=422309.0;topicseen  FOR NEX

Level 1 (LV1) coins are the name of the currency that will be distributed via the pre launch fundraiser. These are the coins that will be on exchanges and can be bought and sold. These coins will generate 1 additional LV1 coin per week for every 1,000 LV1 coins that you own (updates fractionally on the blockchain every 15 seconds and are rounded up to the nearest millionth). This means that in one year of holding 1,000 LV1 coins, you will receive roughly 50 LV1 coins, or 5% per annum. Doesn't seem like much? Keep reading.

Level 2 (LV2) coins can only be obtained by burning Level 1 coins. For every 1,000 LV1 coins that are burned you will receive one LV2 coin. These coins can not be exchanged, sold, or discarded by any means and will be attached to the wallet indefinitely. Each LV2 coin will generate five LV1 coins per week. In one year of holding one single LV2 coin, you will receive roughly 250 LV1 coins. This equates to an increase of 25% per annum. Much better isn't it?

This cycle is revolutionary in the sense that someone holding LV2 coins will generate coins at a fast rate and cause inflation, yet to get LV2 coins they would need to burn LV1 coins and that would cause deflation. In every case of inflation, there is a stronger deflation to counteract it. This may very well be the first currency, both fiat and crypto, that has a built in mechanism to eliminate inflation on a very large scale. The cherry on top is that this deflation is instant, whereas inflation is dragged out over a long period of time. Let me give you an example:

Assuming a constant demand, a typical Proof of Work or Proof of Stake coin will lose a vast amount of value as the supply of coins on the market increases. A Proof of Burn coin on it's own will forever be attached to a Proof of Work or Proof of Stake coin and by association will also lose value over time, again noting that this assumes a constant demand. Levelcoin on the other hand has evolved to use a combination of the best features of Proof of Stake and Proof of Burn. This has lead to a system that is highly resistant to inflation and may in fact have the opposite effect. Assuming a constant demand, the value of Levelcoin will likely increase as more and more people burn their LV1 coins, causing supply to dwindle.

Nothing like this has been tried before and should the system work as planned, any founder will see an enormous return on investment. There is very little incentive for users to "pump and dump" or to flip in and out. This coin caters more towards loyalists, and considering that there will not be botnets nor ASCI's to deal with, everyone will have an equal opportunity to take part. The system is built around simplicity. Have you noticed how all new self proclaimed "next generation" currencies are getting more and more complex, both in their algorithm and distribution methods? There is no need for that, and Levelcoin aims to prove that. Google had the right idea by creating a simple search engine, and look where that got them!

Those who have faith in the currency and are in it for the long haul will reap enormous benefits from burning their LV1 coins to obtain LV2 coins and then selling the LV1 coins obtained via interest on an exchange that will likely be proprietary. Or they could choose to burn those new coins and compound their interest while at the same time creating scarcity for LV1 coins. The choice is yours. There will always be demand due to the fact that LV2 coins can not be obtained in any way other than by the purchase and burning of LV1 coins.

In summary,  this looks like an excellent idea.   Pre-launch NEX coins will be LV1 coins and new coins will be LV2 coins. 

This proof of burn functionality is superior to the 'forging' feature of Nxt.

FRICTIONLOSScoin: u r very genius. I love this idea, burning so much better than forging. I tell all people sell NXT, come 2 NEX.

[LiQio]

PROPOSAL:

Implementation of the following PROOF OF BURN:  https://bitcointalk.org/index.php?topic=422309.0;topicseen  FOR NEX

Level 1 (LV1) coins are the name of the currency that will be distributed via the pre launch fundraiser. These are the coins that will be on exchanges and can be bought and sold. These coins will generate 1 additional LV1 coin per week for every 1,000 LV1 coins that you own (updates fractionally on the blockchain every 15 seconds and are rounded up to the nearest millionth). This means that in one year of holding 1,000 LV1 coins, you will receive roughly 50 LV1 coins, or 5% per annum. Doesn't seem like much? Keep reading.

Level 2 (LV2) coins can only be obtained by burning Level 1 coins. For every 1,000 LV1 coins that are burned you will receive one LV2 coin. These coins can not be exchanged, sold, or discarded by any means and will be attached to the wallet indefinitely. Each LV2 coin will generate five LV1 coins per week. In one year of holding one single LV2 coin, you will receive roughly 250 LV1 coins. This equates to an increase of 25% per annum. Much better isn't it?

This cycle is revolutionary in the sense that someone holding LV2 coins will generate coins at a fast rate and cause inflation, yet to get LV2 coins they would need to burn LV1 coins and that would cause deflation. In every case of inflation, there is a stronger deflation to counteract it. This may very well be the first currency, both fiat and crypto, that has a built in mechanism to eliminate inflation on a very large scale. The cherry on top is that this deflation is instant, whereas inflation is dragged out over a long period of time. Let me give you an example:

Assuming a constant demand, a typical Proof of Work or Proof of Stake coin will lose a vast amount of value as the supply of coins on the market increases. A Proof of Burn coin on it's own will forever be attached to a Proof of Work or Proof of Stake coin and by association will also lose value over time, again noting that this assumes a constant demand. Levelcoin on the other hand has evolved to use a combination of the best features of Proof of Stake and Proof of Burn. This has lead to a system that is highly resistant to inflation and may in fact have the opposite effect. Assuming a constant demand, the value of Levelcoin will likely increase as more and more people burn their LV1 coins, causing supply to dwindle.

Nothing like this has been tried before and should the system work as planned, any founder will see an enormous return on investment. There is very little incentive for users to "pump and dump" or to flip in and out. This coin caters more towards loyalists, and considering that there will not be botnets nor ASCI's to deal with, everyone will have an equal opportunity to take part. The system is built around simplicity. Have you noticed how all new self proclaimed "next generation" currencies are getting more and more complex, both in their algorithm and distribution methods? There is no need for that, and Levelcoin aims to prove that. Google had the right idea by creating a simple search engine, and look where that got them!

Those who have faith in the currency and are in it for the long haul will reap enormous benefits from burning their LV1 coins to obtain LV2 coins and then selling the LV1 coins obtained via interest on an exchange that will likely be proprietary. Or they could choose to burn those new coins and compound their interest while at the same time creating scarcity for LV1 coins. The choice is yours. There will always be demand due to the fact that LV2 coins can not be obtained in any way other than by the purchase and burning of LV1 coins.

In summary,  this looks like an excellent idea.   Pre-launch NEX coins will be LV1 coins and new coins will be LV2 coins.  

This proof of burn functionality is superior to the 'forging' feature of Nxt.

The LV1 coins will be called "NEX Foundation Coins"

The LV2 coins will be called "NEX Proof of Stake Coins"

Note: Only NEX Foundation Coins are exchangeable as described by the proposal.

We will refine this over time.

most important parts marked...

and please also implement this (http://ethereum.org/ethereum.htm) on top or right in the middle of foundation coins, this would be historical really

btw. already unobfuscated levelcoin code, or still working on photoshopping the NXT logo?