[NXT] Decentralized Asset Exchange Discussion Thread

[IveBeenBit]

Is the Nxt Wallet (official NXT client) also available for Linux?
On http://nxtclients.org/ I found only downloadable versions for Mac/Win.

Sorry to hear about your troubles. Please follow this thread and someone will probably help you momentarily:

https://nxtforum.org/index.php?topic=806.msg12385#msg12385

I use the "official" client and once that is set up with the proper Java thingy, it's very easy to use. Everything is managed through your web browser, which connects to the Java program running locally on your computer. Eventually, you will just have to download the zip file, unpack it, then double click on "run.sh" to start the program. Then launch a browser window and go to http://127.0.0.1:7875/

If you have more questions, please post on the Nxt forum or in this thread.

[VanBreuk]

^ I just posted there a simple command sequence that works for me in Ubuntu in order to 1) Install Java, 2) Install the basic NRS software, 3) Get it running.

In any case, I've heard there's a new (experimental, if you want) NRS version including wesleyh's client interface coming out anytime.

[Daedelus]

Yup, it is due tomorrow.

[Isildur23]

roughly 2 weeks left. The buzz will start soon...

[virtualfaqs]

Hi. Sorry trying to catch up in this thread.

Will the Asset Exchange be fully automated exchange in terms of cryptocurrency?

I want LTC for USD or LTC for BTC?

From what I've read it works like Ripple but without Ripple tokens? Does this even use NXT?

[Daedelus]

Hi. Sorry trying to catch up in this thread.

Will the Asset Exchange be fully automated exchange in terms of cryptocurrency?

I want LTC for USD or LTC for BTC?

From what I've read it works like Ripple but without Ripple tokens? Does this even use NXT?

I have asked James, the guy who runs the multisig subforum I Pm'd to you, to drop buy with an up to date and most accurate answer  

It is feasible to have tokens on the Asset Exchange directly for anything but trust in the issuer will be required. James' work is built on the asset exchange but he has been working on cross chain transactions so LTC/BTV might be available at launch or soon after. James projects move fast and are co-mingled so it is quite hard to keep up so he is always the best person to ask 

Have you read anything about InstantDEX yet?

[virtualfaqs]

Hi. Sorry trying to catch up in this thread.

Will the Asset Exchange be fully automated exchange in terms of cryptocurrency?

I want LTC for USD or LTC for BTC?

From what I've read it works like Ripple but without Ripple tokens? Does this even use NXT?

I have asked James, the guy who runs the multisig subforum I Pm'd to you, to drop buy with an up to date and most accurate answer  

It is feasible to have tokens on the Asset Exchange directly for anything but trust in the issuer will be required. James' work is built on the asset exchange but he has been working on cross chain transactions so LTC/BTV might be available at launch or soon after.

Have you read anything about InstantDEX yet?

Thank you for this. I hate to be the guy who doesn't sift through all the info for answers. But I'm trying at least! :/

[Daedelus]

Hi. Sorry trying to catch up in this thread.

Will the Asset Exchange be fully automated exchange in terms of cryptocurrency?

I want LTC for USD or LTC for BTC?

From what I've read it works like Ripple but without Ripple tokens? Does this even use NXT?

I have asked James, the guy who runs the multisig subforum I Pm'd to you, to drop buy with an up to date and most accurate answer  

It is feasible to have tokens on the Asset Exchange directly for anything but trust in the issuer will be required. James' work is built on the asset exchange but he has been working on cross chain transactions so LTC/BTV might be available at launch or soon after.

Have you read anything about InstantDEX yet?

Thank you for this. I hate to be the guy who doesn't sift through all the info for answers. But I'm trying at least! :/

No problem! How goes it in the BC thread? Has there been any of the planned super secret features announced yet? Snoekip and Rat4 might do something (they are unknown quantities to me) but that dzirberm (sorry for spellings) is just blowing smoke   If they do launch anything, they will be paying catch up   But let me know if/when anything big comes out.

You should read about the monetary system on nxtforum, coins can be based on the Nxt platform too. I'll stop rambling but BC could basically be secured by Nxts blockchain as well as any other crypto. Then the inflation wouldn't be needed as an incentive to stake (known as forging in these parts  ).

[jl777]

Hi. Sorry trying to catch up in this thread.

Will the Asset Exchange be fully automated exchange in terms of cryptocurrency?

I want LTC for USD or LTC for BTC?

From what I've read it works like Ripple but without Ripple tokens? Does this even use NXT?

Hello. I will try to answer your questions.

crypto deposits to multigateway will automatically credit your NXT account with the corresponding NXT assets that represent that crypto. This asset can then be freely traded within the NXT AE. Whoever ends up with it can then withdraw the asset to their designated crypto wallet.

Peercoin and its forks dont currently support multisig, so cant support them with the multisig protection.

There isnt a single large sweep account like most centralized exchanges have. Instead, each user gets a customized multisig deposit address. The only way funds are allowed to be withdrawn is if all three multigateway servers agree 100% on the transaction. Assuming there are no troubles, withdraws should be automatic, but it is quite possible that some manual intervention will be needed, especially at the beginning and for large amounts. However, with all of the funds spread out across all the accounts and each with multisig, I expect they wont be a very attractive target for hackers.

So, the concept is similar to ripple, but instead of needing to trust the gateway to not lose your funds, multsig accts that are publicly viewable allow people to verify that the multigateway's total deposits matches the total issued assets.

James

[Daedelus]

Thanks James  

While I am here, for anyone wondering what Asset Exchange will do, here is a real world plan for once it is launched  

Here's a small example just using NXT from my own industry (software development). I am an independent software developer and I plan to use the NXT asset exchange (currently in development) to issue software licenses as follows:
 
 [1] - a licensing component in the software makes a call to the NXT network and creates an account (instantaneous)
 
 [2] - it writes the private key to disk and informs the user of the account number
 
 [3] - the user purchases one license unit from the NXT asset exchange
 
 [4] - on a subsequent launch (or periodically) the software detects the presence of the appropriate asset in the account it created for itself and considers the installation licensed
 
 So NXT doesn't have to become the new bitcoin to become hugely valuable. It just has to capture a tiny part of some relatively tiny world markets for all sorts of applications to be massively in demand.
 
 NXT will be needed to:
 
 A. Issue the assets (Currently costs 1000 NXT per asset, but I don't know if there's a limit on the quantity you can issue)
 B. Pay for the assets

TL:DR   Software key issuance and management can be done on AE. Cheaply and securely. RE: asset quantities, the maximum Asset quantity that can be issued is 1 Billion.

[virtualfaqs]

Hi. Sorry trying to catch up in this thread.

Will the Asset Exchange be fully automated exchange in terms of cryptocurrency?

I want LTC for USD or LTC for BTC?

From what I've read it works like Ripple but without Ripple tokens? Does this even use NXT?

I have asked James, the guy who runs the multisig subforum I Pm'd to you, to drop buy with an up to date and most accurate answer  

It is feasible to have tokens on the Asset Exchange directly for anything but trust in the issuer will be required. James' work is built on the asset exchange but he has been working on cross chain transactions so LTC/BTV might be available at launch or soon after.

Have you read anything about InstantDEX yet?

Thank you for this. I hate to be the guy who doesn't sift through all the info for answers. But I'm trying at least! :/

No problem! How goes it in the BC thread? Has there been any of the planned super secret features announced yet? Snoekip and Rat4 might do something (they are unknown quantities to me) but that dzirberm (sorry for spellings) is just blowing smoke   If they do launch anything, they will be paying catch up   But let me know if/when anything big comes out.

You should read about the monetary system on nxtforum, coins can be based on the Nxt platform too. I'll stop rambling but BC could basically be secured by Nxts blockchain as well as any other crypto. Then the inflation wouldn't be needed as an incentive to stake (known as forging in these parts  ).

We were the sponsor of Dogecoin. But it's fun things like that I love about BC. I don't think anything "big" in terms of what NXT is doing. BC is heading a different direction focusing on awareness, merchants, and exchanges. But I wouldn't be surprised if rat4 or "I forget his name" so I'll call him Community Manager or up to something. And then of course there's Iconic. I think a lot of people secretly love his "gray area" tactics but don't want to say on forum. He's our wildcard.  

Apparently having higher inflation is the "newest" thing. BC 1%, WC 2%, Yellowcoin & Cinni 3.5%, I think Bluecoin 3%. I just let those groups argue what is better.

Right now I'm spending most of my effort figuring out what the hell to do with my WC investment.

Thanks James  

While I am here, for anyone wondering what Asset Exchange will do, here is a real world plan for once it is launched  

Here's a small example just using NXT from my own industry (software development). I am an independent software developer and I plan to use the NXT asset exchange (currently in development) to issue software licenses as follows:
 
 [1] - a licensing component in the software makes a call to the NXT network and creates an account (instantaneous)
 
 [2] - it writes the private key to disk and informs the user of the account number
 
 [3] - the user purchases one license unit from the NXT asset exchange
 
 [4] - on a subsequent launch (or periodically) the software detects the presence of the appropriate asset in the account it created for itself and considers the installation licensed
 
 So NXT doesn't have to become the new bitcoin to become hugely valuable. It just has to capture a tiny part of some relatively tiny world markets for all sorts of applications to be massively in demand.
 
 NXT will be needed to:
 
 A. Issue the assets (Currently costs 1000 NXT per asset, but I don't know if there's a limit on the quantity you can issue)
 B. Pay for the assets

TL:DR   Software key issuance and management can be done on AE. Cheaply and securely. RE: asset quantities, the maximum Asset quantity that can be issued is 1 Billion.

Disclaimer: My reading comprehension might be totally off today about the following questions. :/

Thanks for taking the time to do this, James. But what you said is like "Woosh" It's all too technical. So I buy 1 license for (1 NXT is $0.02) for $20? And where does this $20 go? Can these licenses be traded? Can it be refunded or parameters changed if no buyer matches?

So then I have an asset license of "Selling 1 LTC for $20". Then I wait for a match. Is that automatic or do I have confirm manually later?

Max Asset quantity 1 billion is per person? And it can be refilled to 1 billion?

[Daedelus]

Sorry, I confused you there. James isn't involved with what I quoted, he won't know about it but may be able to answer none the less. The OP for that can be found here: https://bitcointa.lk/threads/ethereum-maidsafe-nxt-anything-else-worth-investing-in-in-2014.303978/page-2

It is one billion per asset, a person can issue as many assets as they like. Once the number is issued, it can't be chaneged for that asset. You can also read the Asset Exchange subforum here for a lot of background: https://nxtforum.org/asset-exchange/

Finally, you can also try the asset exchange yourself to work out the mechanics of it here on the testnet: http://nxtra.org/nxt-client/.
PM me your account number and I'll arrange for testNXT to be sent to your account.

[nakaone]

can someone explain what are the big difference between nxt asset exchanges and xcps or mastercoins distributed exchanges?

despite running on your own chain, with a smaller confirmation time?

[jubalix]

NXT has a lot of innovative stuff coming out....yet the price just drops like a stone....right or wrong the inital IPO is killing NXT

[williamevanl]

NXT has a lot of innovative stuff coming out....yet the price just drops like a stone....right or wrong the inital IPO is killing NXT

I agree, it's very interesting. I think there are a couple ways to look at it though. One is that the price is sinking like a stone, the other is that there were a few major hype cycles that took it well above where it should have been. It's still trending up a lot from its initial launch.

[Wilburbone]

NXT has a lot of innovative stuff coming out....yet the price just drops like a stone....right or wrong the inital IPO is killing NXT

Lol! You people crack me up.  Have you guys noticed that there are a few more coins besides Nxt that are going down in price.... Peercoin, Ripple, Dogecoin, Mastercoin... Litecoin.... Bitcoin.  Seriously people.  The initial IPO doesn't MATTER and has nothing to do with the price drop!  It could have started with 3 stakeholders or 5000 stakeholders and the end results would be the same.  If people want Nxt to be mass adopted (that is used by millions if not hundreds of millions of people), than could someone please explain the difference between an IPO of 5 people vs 73 people vs 10,000 people?  It's purely psychological/emotional.  All I read about involving Nxt (and others) on these forums is "fair distribution" this, "unfair distribution" that.... You people are killing me.  'Unfair' is just a made up word that people can apply to any situation that they feel at a disadvantage.  Uhh... Not to mention, I believe Nxt has already achieved a better distribution than bitcoin.

And jubalix, although I disagree with you on why the price is going down, I'm not saying you believe all this (don't know if you do or not).  I just can't stand all the people that complain about the initial distribution without looking at the facts or thinking anything through.

[nextgencoin]

NXT has a lot of innovative stuff coming out....yet the price just drops like a stone....right or wrong the inital IPO is killing NXT

Lol! You people crack me up.  Have you guys noticed that there are a few more coins besides Nxt that are going down in price.... Peercoin, Ripple, Dogecoin, Mastercoin... Litecoin.... Bitcoin.  Seriously people.  The initial IPO doesn't MATTER and has nothing to do with the price drop!  It could have started with 3 stakeholders or 5000 stakeholders and the end results would be the same.  If people want Nxt to be mass adopted (that is used by millions if not hundreds of millions of people), than could someone please explain the difference between an IPO of 5 people vs 73 people vs 10,000 people?  It's purely psychological/emotional.  All I read about involving Nxt (and others) on these forums is "fair distribution" this, "unfair distribution" that.... You people are killing me.  'Unfair' is just a made up word that people can apply to any situation that they feel at a disadvantage.  Uhh... Not to mention, I believe Nxt has already achieved a better distribution than bitcoin.

And jubalix, although I disagree with you on why the price is going down, I'm not saying you believe all this (don't know if you do or not).  I just can't stand all the people that complain about the initial distribution without looking at the facts or thinking anything through.

They are right, not to recognise that NXT has been severely damaged by people perceptions of 'fairness' of the distribution is not to recognise the bigger picture. yeah most coins are down, but early on NXT was swimming against the flow no problem.

NXT should be 5-10 times the price it is now if based simply on the innovation of the system. If NXT had a perceived better distribution then people wouldt of run to NEM and other clones. I can't see a price rise coming until NEM and other major clones are out and people can reappraise the situation and value.

[Anon136]

NXT has a lot of innovative stuff coming out....yet the price just drops like a stone....right or wrong the inital IPO is killing NXT

Lol! You people crack me up.  Have you guys noticed that there are a few more coins besides Nxt that are going down in price.... Peercoin, Ripple, Dogecoin, Mastercoin... Litecoin.... Bitcoin.  Seriously people.  The initial IPO doesn't MATTER and has nothing to do with the price drop!  It could have started with 3 stakeholders or 5000 stakeholders and the end results would be the same.  If people want Nxt to be mass adopted (that is used by millions if not hundreds of millions of people), than could someone please explain the difference between an IPO of 5 people vs 73 people vs 10,000 people?  It's purely psychological/emotional.  All I read about involving Nxt (and others) on these forums is "fair distribution" this, "unfair distribution" that.... You people are killing me.  'Unfair' is just a made up word that people can apply to any situation that they feel at a disadvantage.  Uhh... Not to mention, I believe Nxt has already achieved a better distribution than bitcoin.

And jubalix, although I disagree with you on why the price is going down, I'm not saying you believe all this (don't know if you do or not).  I just can't stand all the people that complain about the initial distribution without looking at the facts or thinking anything through.

They are right, not to recognise that NXT has been severely damaged by people perceptions of 'fairness' of the distribution is not to recognise the bigger picture. yeah most coins are down, but early on NXT was swimming against the flow no problem.

NXT should be 5-10 times the price it is now if based simply on the innovation of the system. If NXT had a perceived better distribution then neoplasm wouldt of run to NEM and other clones. I can't see a price rise coming until NEM and other major clones are out and people can reappraise the situation and value.

i just try to remind people that the lack of "fairness" in the distribution is what payed for nxt development. a more "fair" coin would never have come into existence because it would have never raised the funds necessary to finance its development. all of these other people who just copy that hard work of the nxt developers and claim that their coin is more "fair" isn't fair at all because all of those people who payed for the tech to be developed that they are using are being ripped off (in an abstract way). im sorry but i just wont get into a nxt clone that doesnt actually innovate and only claims to be more "fair" because ripping off all the people who payed for that software to be developed isnt fair at all.

[williamevanl]

NXT has a lot of innovative stuff coming out....yet the price just drops like a stone....right or wrong the inital IPO is killing NXT

Lol! You people crack me up.  Have you guys noticed that there are a few more coins besides Nxt that are going down in price.... Peercoin, Ripple, Dogecoin, Mastercoin... Litecoin.... Bitcoin.  Seriously people.  The initial IPO doesn't MATTER and has nothing to do with the price drop!  It could have started with 3 stakeholders or 5000 stakeholders and the end results would be the same.  If people want Nxt to be mass adopted (that is used by millions if not hundreds of millions of people), than could someone please explain the difference between an IPO of 5 people vs 73 people vs 10,000 people?  It's purely psychological/emotional.  All I read about involving Nxt (and others) on these forums is "fair distribution" this, "unfair distribution" that.... You people are killing me.  'Unfair' is just a made up word that people can apply to any situation that they feel at a disadvantage.  Uhh... Not to mention, I believe Nxt has already achieved a better distribution than bitcoin.

And jubalix, although I disagree with you on why the price is going down, I'm not saying you believe all this (don't know if you do or not).  I just can't stand all the people that complain about the initial distribution without looking at the facts or thinking anything through.

They are right, not to recognise that NXT has been severely damaged by people perceptions of 'fairness' of the distribution is not to recognise the bigger picture. yeah most coins are down, but early on NXT was swimming against the flow no problem.

NXT should be 5-10 times the price it is now if based simply on the innovation of the system. If NXT had a perceived better distribution then people wouldt of run to NEM and other clones. I can't see a price rise coming until NEM and other major clones are out and people can reappraise the situation and value.

I agree with the second part and I think that the free market has a way of working these things out over time. If it 'should' be 5-10X what it is, then it will be eventually.

[virtualfaqs]

Sorry, I confused you there. James isn't involved with what I quoted, he won't know about it but may be able to answer none the less. The OP for that can be found here: https://bitcointa.lk/threads/ethereum-maidsafe-nxt-anything-else-worth-investing-in-in-2014.303978/page-2

It is one billion per asset, a person can issue as many assets as they like. Once the number is issued, it can't be chaneged for that asset. You can also read the Asset Exchange subforum here for a lot of background: https://nxtforum.org/asset-exchange/

Finally, you can also try the asset exchange yourself to work out the mechanics of it here on the testnet: http://nxtra.org/nxt-client/.
PM me your account number and I'll arrange for testNXT to be sent to your account.

Ok. Will definitely give this a shot when I have time. Yea that's probably easier than asking so many questions.