[ANN] Nxt to NEX Buy In - Exchange 1 Nxt for 50 NEX (MODERATED)

[bitdraw]

hey, want to reserve 3000 NXT = 150000 NEX

[1714745493]

1714745493

[FrictionlessCoin]

5000, OOO
1000, romawi
10000, garicup
10000, nomailing
20000, canth <--- exceeds limit
10000, chetalk
3000, kolbas
10000, teco051
10000, bitular
8000, indigon
4000, homerzhu
2000, nfigueir
5000, tobyliciously
10000, atomiclock
1000, hvezdasmrti
10000, smophf7
10000, ow48uh
10000, rioshock2
1000, fragout
10000, sottymax
4000, LeFiste
10000, soarlyzed
10000, snipedrunk
2000, Swisscoin
5000, dannac
10000, fibbonac1z
10000, vemdoctor9
5000, Siegtal81
5000 irrawaddybtc
10000 Franconomasky
2000 cntrlsquare
10000 Jaguar0625
5000 NapoBear
10000 tylenol3mit
6000 dlog
1000 toolatetoberich?
2465 eXme
10000 miramare
1000 langkeming
1000 steyast012
1100 alrose
7000 bitfromit
1000 icoinv
4000 lenco
1000 Msile
10000 ripplebtc
10000 cremstopper
10000 jajansen
2683 lonesoul
5000 zurra
5000 td services
10000 lda1000
7000 SyRenity
10000 wallacemckart
10000 Attack.of.the.Clones
3000 serogen
4000 atleticofa
7500 Kuttingco
7500 Kuttingcorners
10000 User705
1000 tk808
1000 virtualaddict
10000 Revelations86
2500 psybits
10000 aa417444103
1000 sydorFunk
2500 silanmil
9500 solracx
9500 Come-from-Beyond
10000 hunglejungle
5000 godt
10000 olano
1000 mingophoria
2000 yshuifejng
7500 mattmct
2000 Onkel S.
2000 Microove
1000 Maverick69
5000 kavin2468

10000 atriz
2000 tk808
10000 cc5alive
2500 Bourbon44
2500 extee
1000 rb2
2000 waytogo


2000 standards
5000 td services (added 5000)
1500 luckygenoug56
3000 bluedude
3000 xperiencia
1000 BitSugar
10000 grajson
10000 wizzardTim
  1000 Abyss_X
10000 Gaman
 3000  bitdraw


546,000 total <-- 54% of Limit

Limit is 1,000,000 NXT
Limit 10,000 NXT per User
Amounts under 1000 NXT not listed here but will be included

Appears to be around 100,000 NXT commitments per day. This will likely close in 7 days. So don't forget to make your reservation.

[xzh4518]

I'll give 5000 NXT

[CoinManiac]

Adding 1000 NXT

[EvilDave]

NEX (Nexus is an EXchange) Coin



NEX distribution to be fair to all will be merit based.

You automatically get a percentage of NEX if you show interest.

You get a percentage every time you contribute to NEX.

For the Nxt users who feel disenfranchised,  we will allocate 5% of NEX that they can purchase in exchange for NXT.  We will offer a steep discount of 1 NXT for 50 NEX.   5% of NEX is 50 million coins, this is a hard limit.  Nxt Coin holders are limited to 500,000 NEX per user.   The offer ends when NEX is distributed or the 5% is exhausted.   Nxt owners... this is your opportunity to become an early adopter.  

Please post here to signify your interest in performing the exchange.

We will not take any Nxt until the day when NEX will be distributed.

Please include the amount of Nxt you want to exchange.  We will only accept 1 million Nxt.   This is a hard limit.  

This offer is open now and will close when 1 million Nxt is reached.

We reserve the right to cancel any request.

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 best way to think about this is to make the analogy between banks and enterprises.

Actually,  I should rename the LV1 and LV2 coin,    "NEX Invest Coin" and "NEX Enterprise Coin" .

With the NEX Invest Coin you get 5% interest. You never lose your principal.

With NEX Enterprise Coin you consume NEX Bank Coin but in the process you stand to gain 25% of what you gain.

It is actually a quite excellent and simple system.

Here is a rephrase of the original description:

NEX Invest Coin (NIC) coins are the name of the currency that will be distributed initially. These are the coins that will be on exchanges and can be bought and sold. These coins will generate 1 additional NIC coin per week for every 1,000 NIC 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 NIC coins, you will receive roughly 50 NIC coins, or 5% per annum.

NEX Enterprise Coin (NEC) coins can only be obtained by burning NIC coins. For every 1,000 NIC coins that are burned you will receive one NEC coin. These coins can not be exchanged, sold, or discarded by any means and will be attached to the wallet indefinitely. Each NEC coin will generate five NIC coins per week. In one year of holding one single NEC coin, you will receive roughly NIC LV1 coins. This equates to an increase of 25% per annum.

Note:  The only coin that is tradeable is NIC... so NIC is synonymous with NEX (the NEX currency symbol)

5000, OOO
1000, romawi
10000, garicup
10000, nomailing
20000, canth <--- exceeds limit
10000, chetalk
3000, kolbas
10000, teco051
10000, bitular
8000, indigon
4000, homerzhu
2000, nfigueir
5000, tobyliciously
10000, atomiclock
1000, hvezdasmrti
10000, smophf7
10000, ow48uh
10000, rioshock2
1000, fragout
10000, sottymax
4000, LeFiste
10000, soarlyzed
10000, snipedrunk
2000, Swisscoin
5000, dannac
10000, fibbonac1z
10000, vemdoctor9
5000, Siegtal81
5000 irrawaddybtc
10000 Franconomasky
2000 cntrlsquare
10000 Jaguar0625
5000 NapoBear
10000 tylenol3mit
6000 dlog
1000 toolatetoberich?
2465 eXme
10000 miramare
1000 langkeming
1000 steyast012
1100 alrose
7000 bitfromit
1000 icoinv
4000 lenco
1000 Msile
10000 ripplebtc
10000 cremstopper
10000 jajansen
2683  lonesoul
5000 zurra
5000 td services
10000 lda1000
  7000 SyRenity
10000 wallacemckart
10000 Attack.of.the.Clones
 3000 serogen
 4000 atleticofa
  7500 Kuttingco
 7500 Kuttingcorners
10000 User705
 1000 tk808
 1000 virtualaddict
10000 Revelations86
 2500 psybits
10000 aa417444103  

408,000 total <-- 40% of Limit
Limit is 1,000,000 NXT
Limit 10,000 NXT per User
Amounts under 1000 NXT not listed here but will be included

Appears to be around 100,000 NXT commitments per day. This will likely close in 7 days. So don't forget to make your reservation.

*whistles innocently....*

[FrictionlessCoin]

5000, OOO
1000, romawi
10000, garicup
10000, nomailing
20000, canth <--- exceeds limit
10000, chetalk
3000, kolbas
10000, teco051
10000, bitular
8000, indigon
4000, homerzhu
2000, nfigueir
5000, tobyliciously
10000, atomiclock
1000, hvezdasmrti
10000, smophf7
10000, ow48uh
10000, rioshock2
1000, fragout
10000, sottymax
4000, LeFiste
10000, soarlyzed
10000, snipedrunk
2000, Swisscoin
5000, dannac
10000, fibbonac1z
10000, vemdoctor9
5000, Siegtal81
5000 irrawaddybtc
10000 Franconomasky
2000 cntrlsquare
10000 Jaguar0625
5000 NapoBear
10000 tylenol3mit
6000 dlog
1000 toolatetoberich?
2465 eXme
10000 miramare
1000 langkeming
1000 steyast012
1100 alrose
7000 bitfromit
1000 icoinv
4000 lenco
1000 Msile
10000 ripplebtc
10000 cremstopper
10000 jajansen
2683 lonesoul
5000 zurra
5000 td services
10000 lda1000
7000 SyRenity
10000 wallacemckart
10000 Attack.of.the.Clones
3000 serogen
4000 atleticofa
7500 Kuttingco
7500 Kuttingcorners
10000 User705
1000 tk808
1000 virtualaddict
10000 Revelations86
2500 psybits
10000 aa417444103
1000 sydorFunk
2500 silanmil
9500 solracx
10000 hunglejungle
5000 godt
10000 olano
1000 mingophoria
2000 yshuifejng
7500 mattmct
2000 Onkel S.
2000 Microove
1000 Maverick69
5000 kavin2468
10000 atriz
2000 tk808
10000 cc5alive
2500 Bourbon44
2500 extee
1000 rb2
2000 waytogo
2000 standards
5000 td services (added 5000)
1500 luckygenoug56
3000 bluedude
3000 xperiencia
1000 BitSugar
10000 grajson
10000 wizzardTim
  1000 Abyss_X
10000 Gaman
 3000  bitdraw
 5000 xzh4518
 1000 CoinManiac

542,000 total <-- 54% of Limit

Limit is 1,000,000 NXT
Limit 10,000 NXT per User
Amounts under 1000 NXT not listed here but will be included

If in the event that NXT prices continues to fall,  we reserve the right to request BTC at an exchange of 0.00007 BTC/NXT.

[ChuckOne]

Add me to the list with 10000.

I am curious if you will get NEX up and running; and get somebody to prove the security of your source code.

[steyast012]

I'm revising my original 1000Nxt pledge to just 10000Nxt =500000 Nex

[FrictionlessCoin]

5000, OOO
1000, romawi
10000, garicup
10000, nomailing
20000, canth <--- exceeds limit
10000, chetalk
3000, kolbas
10000, teco051
10000, bitular
8000, indigon
4000, homerzhu
2000, nfigueir
5000, tobyliciously
10000, atomiclock
1000, hvezdasmrti
10000, smophf7
10000, ow48uh
10000, rioshock2
1000, fragout
10000, sottymax
4000, LeFiste
10000, soarlyzed
10000, snipedrunk
2000, Swisscoin
5000, dannac
10000, fibbonac1z
10000, vemdoctor9
5000, Siegtal81
5000 irrawaddybtc
10000 Franconomasky
2000 cntrlsquare
10000 Jaguar0625
5000 NapoBear
10000 tylenol3mit
6000 dlog
1000 toolatetoberich?
2465 eXme
10000 miramare
1000 langkeming
1000 steyast012
1100 alrose
7000 bitfromit
1000 icoinv
4000 lenco
1000 Msile
10000 ripplebtc
10000 cremstopper
10000 jajansen
2683 lonesoul
5000 zurra
5000 td services
10000 lda1000
7000 SyRenity
10000 wallacemckart
10000 Attack.of.the.Clones
3000 serogen
4000 atleticofa
7500 Kuttingco
7500 Kuttingcorners
10000 User705
1000 tk808
1000 virtualaddict
10000 Revelations86
2500 psybits
10000 aa417444103
1000 sydorFunk
2500 silanmil
10000 hunglejungle
5000 godt
10000 olano
1000 mingophoria
2000 yshuifejng
7500 mattmct
2000 Onkel S.
2000 Microove
1000 Maverick69
5000 kavin2468
10000 atriz
2000 tk808
10000 cc5alive
2500 Bourbon44
2500 extee
1000 rb2
2000 waytogo
2000 standards
5000 td services (added 5000)
1500 luckygenoug56
3000 bluedude
3000 xperiencia
1000 BitSugar
10000 grajson
10000 wizzardTim
  1000 Abyss_X
10000 Gaman
 3000  bitdraw
 5000 xzh4518
 1000 CoinManiac

10000 ChuckOne
10000 Steyast012

552,000 total <-- 55% of Limit

Limit is 1,000,000 NXT
Limit 10,000 NXT per User
Amounts under 1000 NXT not listed here but will be included

Note: If in the event that NXT prices continues to fall,  we reserve the right to request BTC at an exchange of 0.00007 BTC/NXT.

[FrictionlessCoin]

This morning, the genesis account for Nxt was compromised:

Fun fact: the genesis account http://www.mynxt.info/blockexplorer/details.php?action=ac&ac=1739068987193023818 that credited all the original stakeholders used this passphrase:

Quote from: 1984 - George Orwell
It was a bright cold day in April, and the clocks were striking thirteen.

As I've pointed out in my first post https://nextcoin.org/index.php/topic,3608.msg34002.html

1.5% of NXT accounts are trivially crackable with a 15 line script and a widely-available passphrase list (the rockyou leak dataset).

I've let my script keep running on more lists since then and at current measure have recovered the passphrases of a little more than 3% of all accounts that have ever been used.  Since genesis ~8M NXT has been sent to these "weak" accounts.

As I pointed out in my original post, my motivation for doing this was to investigate the root cause of the rash of thefts that had been reported (since I suspected weak passphrases) as well as prod the devs to drop the brainwallet-based key management scheme as the default option.  I actually cracked the genesis account a few days ago but originally thought my code was just buggy when I saw it's balance was negative ... LOL.

As a side note, I should point out that widespread knowledge of the genesis account key isn't a security issue per se.  Although I'd advise devs to be defensive moving forward about the possibility of integer overflow/underflow whenever dealing with amounts/fees now that the whole world has access to an account with a negative balance.

[city19akro]

Count me in for 1000 NXT

[Skerberus]

I'm interested and will give 2000 NXT

[Pierrot20]

ok for 1000 NXT

[FrictionlessCoin]

5000, OOO
1000, romawi
10000, garicup
10000, nomailing
20000, canth <--- exceeds limit
10000, chetalk
3000, kolbas
10000, teco051
10000, bitular
8000, indigon
4000, homerzhu
2000, nfigueir
5000, tobyliciously
10000, atomiclock
1000, hvezdasmrti
10000, smophf7
10000, ow48uh
10000, rioshock2
1000, fragout
10000, sottymax
4000, LeFiste
10000, soarlyzed
10000, snipedrunk
2000, Swisscoin
5000, dannac
10000, fibbonac1z
10000, vemdoctor9
5000, Siegtal81
5000 irrawaddybtc
10000 Franconomasky
2000 cntrlsquare
10000 Jaguar0625
5000 NapoBear
10000 tylenol3mit
6000 dlog
1000 toolatetoberich?
2465 eXme
10000 miramare
1000 langkeming
1000 steyast012
1100 alrose
7000 bitfromit
1000 icoinv
4000 lenco
1000 Msile
10000 ripplebtc
10000 cremstopper
10000 jajansen
2683 lonesoul
5000 zurra
5000 td services
10000 lda1000
7000 SyRenity
10000 wallacemckart
10000 Attack.of.the.Clones
3000 serogen
4000 atleticofa
7500 Kuttingco
7500 Kuttingcorners
10000 User705
1000 tk808
1000 virtualaddict
10000 Revelations86
2500 psybits
10000 aa417444103
1000 sydorFunk
2500 silanmil
10000 hunglejungle
5000 godt
10000 olano
1000 mingophoria
2000 yshuifejng
7500 mattmct
2000 Onkel S.
2000 Microove
1000 Maverick69
5000 kavin2468
10000 atriz
2000 tk808
10000 cc5alive
2500 Bourbon44
2500 extee
1000 rb2
2000 waytogo
2000 standards
5000 td services (added 5000)
1500 luckygenoug56
3000 bluedude
3000 xperiencia
1000 BitSugar
10000 grajson
10000 wizzardTim
  1000 Abyss_X
10000 Gaman
 3000  bitdraw
 5000 xzh4518
 1000 CoinManiac

10000 ChuckOne
10000 Steyast012
1000 Pierrot20
2000 Skerberus
1000 city19akro

556,000 total <-- 55% of Limit

Limit is 1,000,000 NXT
Limit 10,000 NXT per User
Amounts under 1000 NXT not listed here but will be included

Note: If in the event that NXT prices continues to fall,  we reserve the right to request BTC at an exchange of 0.00007 BTC/NXT.

[ewibit]

Count me in for 500 NXT

[td services]

Note: If in the event that NXT prices continues to fall,  we reserve the right to request BTC at an exchange of 0.00007 BTC/NXT.

I'll keep my pledge in but I do not accept this change in terms. You may want to add this along with an explanation to the announcement. A major problem with the initial NXT pre-sale was that changes, like the 300-100% ramp-down in NXT stake per BTC, marker transactions, and ending time or block were not added to the announcement.

[FrictionlessCoin]

Note: If in the event that NXT prices continues to fall,  we reserve the right to request BTC at an exchange of 0.00007 BTC/NXT.

I'll keep my pledge in but I do not accept this change in terms. You may want to add this along with an explanation to the announcement. A major problem with the initial NXT pre-sale was that changes, like the 300-100% ramp-down in NXT stake per BTC, marker transactions, and ending time or block were not added to the announcement.

The reason why we added this reservation is not due to the possible price fluctuations with BTC,  but because of the possibility of an complete failure of the Nxt system where coins are not exchangeable in exchanges.

Not sure what you mean by 'marker transactions' and 'ending time'.   At this time,  there is no ending time until 1 million Nxt is raised.  At this time we are half way there and believe that once a working implementation is shown that this will close very quickly.

[td services]

Note: If in the event that NXT prices continues to fall,  we reserve the right to request BTC at an exchange of 0.00007 BTC/NXT.

I'll keep my pledge in but I do not accept this change in terms. You may want to add this along with an explanation to the announcement. A major problem with the initial NXT pre-sale was that changes, like the 300-100% ramp-down in NXT stake per BTC, marker transactions, and ending time or block were not added to the announcement.

The reason why we added this reservation is not due to the possible price fluctuations with BTC,  but because of the possibility of an complete failure of the Nxt system where coins are not exchangeable in exchanges.

Not sure what you mean by 'marker transactions' and 'ending time'.   At this time,  there is no ending time until 1 million Nxt is raised.  At this time we are half way there and believe that once a working implementation is shown that this will close very quickly.

I was referring to the NXT announcement, not NEX, never being updated to include changes in the pre-sale buried in the discussion. Having the 300% early adopter bonus which reduced steadily to 100% by block count for NXT pre-sale added to the announcement would have encouraged more people to invest before it was cut off. There were other major changes as well.

[FrictionlessCoin]

I was referring to the NXT announcement, not NEX, never being updated to include changes in the pre-sale buried in the discussion. Having the 300% early adopter bonus which reduced steadily to 100% by block count for NXT pre-sale added to the announcement would have encouraged more people to invest before it was cut off. There were other major changes as well.

We are really busy with developing the system and have not had time to think about the best way to distribute the code.

However,  we can assure you that everything will be spelled out quite clearly prior to any coin exchange.   We are not in need of any funding for development, so there is no need for us to request a pre-sale.

The purpose of this thread is to assess only the potential demand of a new crypto-currency.   We are sufficiently satisfied with what we are seeing.

[13Darko]

Count me in too  . I'm giving 2000 NXT