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NxtChg (OP)
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April 10, 2014, 12:21:20 PM |
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it'll be sha256 or scrypt? i cant see info. thx
Neither. It's a 100% PoS cryptocurrency, there will be no mining. IMHO a built in anonymous, encrypted decentralized marketplace is the single most important thing a next gen cryptocurrency platform should include.
Sorry, I do not share this view. I think the most important feature is that it works, i.e. performs its core function as digital money. Asset Exchange is a confusing, niche feature, only used by a minority of users. It's inferior in performance and simplicity to centralized services. I am not saying it has no merit, but in my opinion it's hardly a priority. We need a coin that works first. |
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The network tries to produce one block per 10 minutes. It does this by automatically adjusting how difficult it is to produce blocks.
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notsoshifty
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April 10, 2014, 12:51:18 PM |
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The IPO will remain open for some time and people can wait for as long as they want and see something tangible to come out first.
Can you please either: - Give a date now before which you definitely won't close the IPO? E.g. IPO runs at least until 10 May. - Commit to giving at least 7 days notice of closing the IPO (e.g. in a few weeks time, write "the IPO will close sometime between 7 and 14 days from now") Right now people are investing purely in vapourware. I would like to see something more tangible first, especially regarding the fast confirmations feature. |
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NxtChg (OP)
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April 10, 2014, 01:06:46 PM |
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- Give a date now before which you definitely won't close the IPO? E.g. IPO runs at least until 10 May.
Sure: IPO will not be closed until April 20. Commit to giving at least 7 days notice of closing the IPO (e.g. in a few weeks time, write "the IPO will close sometime between 7 and 14 days from now")
As soon as people know the deadline and/or see something working, they might decide to invest big and thus will get a huge share. Would you prefer the current style of distribution where several top investors all have roughly the same 0.5 BTC investments and have about 10% share each or one guy owning 90%? I thought about closing it after the Test Net (i.e. a working prototype with basic client) is operational, but now I think it will be better to close it right before the announcement. Best strategy for you is probably to put a small amount now, then increase your deposit gradually as you see things develop. |
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fsonex
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April 10, 2014, 01:25:43 PM |
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I agree with NxtChg.com's approach. He has several investors which are taking a chance and providing the support he needs to move his project forward. Once he starts delivering, the risk is greatly reduced...it seems that investors after that time should not be rewarded the same.
So he should either keep his current direction, or if he wants to close the IPO after working prototypes are available, he should probably phase the IPO so there is a different weight for early investors vs the folks sitting on the fence until the end.
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notsoshifty
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April 10, 2014, 01:41:26 PM |
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...or if he wants to close the IPO after working prototypes are available, he should probably phase the IPO so there is a different weight for early investors vs the folks sitting on the fence until the end.
...this will NOT be cool without sufficient notice... I liked the XCP method: linearly reducing from 1500 to 1000 XCP/BTC over ~5 weeks. Of course, they were burns too, so no way for the devs to pocket free coins on the sly. |
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hypersire
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April 10, 2014, 02:11:38 PM |
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IMHO a built in anonymous, encrypted decentralized marketplace is the single most important thing a next gen cryptocurrency platform should include.
Sorry, I do not share this view. I think the most important feature is that it works, i.e. performs its core function as digital money. Asset Exchange is a confusing, niche feature, only used by a minority of users. It's inferior in performance and simplicity to centralized services. I am not saying it has no merit, but in my opinion it's hardly a priority. We need a coin that works first. Well we definitely disagree then as people are screaming for decentralized exchanges so they no longer need to trust a third party web site. Just offering "security", "speed" and "simplicity" is not bringing anything new to the table at all - it's basically one notch above saying "we have a great community". There are already a ton of altcoins that can claim very fast processing times. As for the security and simplicity issues you brought up with NXT, those can certainly be addressed in the future. In fact, an article just came out discussing how pretty much any altcoin can be replaced by introducing "sidechains" onto Bitcoin itself: http://www.cryptocoinsnews.com/news/adam-back-sidechains-can-replace-altcoins-bitcoin-2-0-platforms/2014/04/10I fail to see how anyone would move over to an entirely new system just because it has some security enhancements and quicker processing, especially when there are alternatives that will offer these things PLUS built in exchanges that will allow for decentralization. |
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NxtChg (OP)
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April 10, 2014, 02:32:16 PM |
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Well we definitely disagree then as people are screaming for decentralized exchanges so they no longer need to trust a third party web site.
There will be plenty of coins with distributed exchanges precisely because people think it will solve their problems. So you don't have to worry, you can always use NXT or Etherium or eXo-coin... Last thing I want is to be like everybody else. |
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allwelder
Legendary
 Offline
Activity: 1512
Merit: 1004
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April 10, 2014, 02:56:00 PM |
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IPO will last for how long time?
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sussex
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April 10, 2014, 06:30:52 PM |
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"There will be no mining, but instead all server owners will receive constant rewards for running their nodes."
Would it be possible to code this for Raspberry PI? It was attempted by NXT with limited success in my opinion, but it does make great sense as a low power, easy to operate node with which to maintain network integrity.
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NxtChg (OP)
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April 10, 2014, 06:39:08 PM |
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Would it be possible to code this for Raspberry PI? It was attempted by NXT with limited success in my opinion, but it does make great sense as a low power, easy to operate node with which to maintain network integrity.
I think Simcoin will be perfect for tiny computers because of its simplicity, fast and compact binary protocol, ability not to store transaction history and general low system requirements. Of course, the rewards for nodes without transaction history will probably be less, but it's only fair. |
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NxtChg (OP)
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April 11, 2014, 08:55:17 AM |
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You can reset your password if you specified your email on the Profile page. Just go to the login page and click Reset. |
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yshuifejng
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April 11, 2014, 09:26:56 AM |
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security enhancements and quicker processing.Well...have a look first
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jparsley
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April 11, 2014, 09:31:47 AM |
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Nice coin name
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please unban me.
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NxtChg (OP)
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April 11, 2014, 09:36:01 PM |
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And so with 30 investors we reach 10 BTC in less than a week. Not bad!  |
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wqdqszj
Member
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Activity: 92
Merit: 10
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April 12, 2014, 05:45:19 AM |
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Transaction SpeedTransaction speed will be a priority. The goal is ambitious: to achieve <1 sec confirmation. Complete confirmation, no backsies. Either your transaction is confirmed and engraved in stone in less than 1 second, or it will be rejected and you will have to try it later. I believe it is possible. Here's a network simulation video:  You can download the simulator and play with various settings in the ini-file if you are Ok with an exe file. It's too hard to come true, are there some relevant theories??? |
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marek3ball
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April 12, 2014, 08:00:03 AM |
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How do you plan to solve the problem where people will spend SimCoins. I see your idea very clever to focus mainly on the coin and payment part. Do you plan to cooperate with Nxt more deeply? Using Nxt's planned high end stuff.
Possibility to pay in 10 shops with useless goods is nice but not even close to survive in the crypto future.
What is your strategy?
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NxtChg (OP)
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April 12, 2014, 08:51:54 AM |
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How do you plan to solve the problem where people will spend SimCoins. Well, that's our Holy Grail, isn't it? To get out of this niche into mainstream. It's a problem every coin, and the ecosystem in general, faces and tries to solve. I don't think it can be solved by a single guy inventing a magic silver bullet. But I do believe that simplicity in itself is a major factor in wide adoption - I'll take JSON over XML on any day of the week. Another thing: watching Mt.Gox in disbelief, as well as some other incidents, like the recent Poloniex fiasco where the guy didn't seem to know that he is supposed to use database transactions (!), reveal the astonishing carelessness in many developers here. Probably because most of them are just college students. "Hey, I'll just type a bunch of code here and see what happens." NO. We need to be serious and pay attention to what we do. Bitcoin is obviously trying to be serious, but it's a big, dirty steam engine in the age of electricity. So by making Simcoin simple to understand, simple to use and simple to integrate with, and by focusing on security and reliability, I believe I can significantly improve our chances of mass adoption. My goal is to make a better mousetrap. It will be up to the community to promote it further. I just want to give you something better to work with |
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Scharfenberger
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April 13, 2014, 12:30:21 AM |
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- Give a date now before which you definitely won't close the IPO? E.g. IPO runs at least until 10 May.
Sure: IPO will not be closed until April 20. Commit to giving at least 7 days notice of closing the IPO (e.g. in a few weeks time, write "the IPO will close sometime between 7 and 14 days from now")
As soon as people know the deadline and/or see something working, they might decide to invest big and thus will get a huge share. Would you prefer the current style of distribution where several top investors all have roughly the same 0.5 BTC investments and have about 10% share each or one guy owning 90%? I thought about closing it after the Test Net (i.e. a working prototype with basic client) is operational, but now I think it will be better to close it right before the announcement. Best strategy for you is probably to put a small amount now, then increase your deposit gradually as you see things develop. Thumbs up for the great idea! |
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