Major NXT issues

[chris.capossela]

Thank you for your insightful post, Blazin604. This is very true.

[Daedelus]

Thank you for your insightful post, Blazin604. This is very true.

Which bit?

[alex0909]

It's funny, every coins get the "Clone" FUD, people don't even look at the code and post this just because this coin did not make them a millionnaire.

Nxt has one of the best wallets and is a game changer. That is my opinion, but an informed opinion. I spent a lot of time reading and investigating. Time will tell, but right now it's not #3 in marketcap for nothing.

How can people not see the difference between pump and dump and innovation (I am not saying it might not fail, but it deserves our attention as members of the crypto community).

By pushing forward clones, we are not adding value to this community.

[chris.capossela]

Thank you for your insightful post, Blazin604. This is very true.

Which bit?

The fee argument.

[cinnamon_carter]

I don't know much about NXT but is it open source ?  I see no link to github with any source code.

I understand it is not written in c++ but is the source available ?

[Vega]

I don't know much about NXT but is it open source ?  I see no link to github with any source code.

I understand it is not written in c++ but is the source available ?

Yes it's open source.
https://bitbucket.org/JeanLucPicard/nxt/src

[cinnamon_carter]

thanks i will have to look it over when i have some timel.....

I don't know much about NXT but is it open source ?  I see no link to github with any source code.

I understand it is not written in c++ but is the source available ?

Yes it's open source.
https://bitbucket.org/JeanLucPicard/nxt/src

[Daedelus]

Thank you for your insightful post, Blazin604. This is very true.

Which bit?

The fee argument.

It is out of date. MinFeePerByte was already agreed when the original post was made by BrianNowhere and will be part of the next release.

[chris.capossela]

Thank you for your insightful post, Blazin604. This is very true.

Which bit?

The fee argument.

It is out of date. MinFeePerByte was already agreed when the original post was made by BrianNowhere and will be part of the next release.

Thanks. One argument was that PoS achieves low transaction fees (no energy cost), but reality proves it needs enough incentive to secure the network was interesting.

[Vega]

Thank you for your insightful post, Blazin604. This is very true.

Which bit?

The fee argument.

It is out of date. MinFeePerByte was already agreed when the original post was made by BrianNowhere and will be part of the next release.

Thanks. One argument was that PoS achieves low transaction fees (no energy cost), but reality proves it needs enough incentive to secure the network was interesting.

In the early days forging was portrayed as means for profit, just like putting money into miners for PoW, but since then it became clear that Nxt forging produces minimal return. The true incentive for forging is to secure your investment while doing it.
Normally this would not necessary be enough incentive to create a sizeable, healthy network. But here is where thinks get interesting. Nxt is not simply a coin (thats the reason why it's not NxtCoin), but a platform. People can and do built business, services, even other (PoW) coins on top of it, and they are highly motivated to secure the network.

A seen a lot of people who used to the idea and practice of mining look at Nxt, and be disgusted that there is no money to be made that way with Nxt. That's because Nxt is truly something new with new possibilities, you have to look at it with different eyes.

[chris.capossela]

Thank you for your insightful post, Blazin604. This is very true.

Which bit?

The fee argument.

It is out of date. MinFeePerByte was already agreed when the original post was made by BrianNowhere and will be part of the next release.

Thanks. One argument was that PoS achieves low transaction fees (no energy cost), but reality proves it needs enough incentive to secure the network was interesting.

In the early days forging was portrayed as means for profit, just like putting money into miners for PoW, but since then it became clear that Nxt forging produces minimal return. The true incentive for forging is to secure your investment while doing it.
Normally this would not necessary be enough incentive to create a sizeable, healthy network. But here is where thinks get interesting. Nxt is not simply a coin (thats the reason why it's not NxtCoin), but a platform. People can and do built business, services, even other (PoW) coins on top of it, and they are highly motivated to secure the network.

A seen a lot of people who used to the idea and practice of mining look at Nxt, and be disgusted that there is no money to be made that way with Nxt. That's because Nxt is truly something new with new possibilities, you have to look at it with different eyes.

In regard to the incentive for forging being securing one's investment, I strongly recommend adopting a "cold-forging" feature because the psychological fear of theft is huge when forging online.

[Vega]

In regard to the incentive for forging being securing one's investment, I strongly recommend adopting a "cold-forging" feature because the psychological fear of theft is huge when forging online.

There is a feature called Account Leasing.
You can give your account forging rights to another account, without giving up control of your coins.
So it's easy to lease your accounts forging power to a new account, and only use that account to forge online. This is effectively "cold-forging".

[chris.capossela]

In regard to the incentive for forging being securing one's investment, I strongly recommend adopting a "cold-forging" feature because the psychological fear of theft is huge when forging online.

There is a feature called Account Leasing.
You can give your account forging rights to another account, without giving up control of your coins.
So it's easy to lease your accounts forging power to a new account, and only use that account to forge online. This is effectively "cold-forging".

Thank you! Nxt definitely has various fascinating features. I guess many competent developers are behind this project. 

[jabo38]

Thank you for your insightful post, Blazin604. This is very true.

Which bit?

The fee argument.

It is out of date. MinFeePerByte was already agreed when the original post was made by BrianNowhere and will be part of the next release.

@Daedelus. I have been asking on the NXT forum about this, but didn't get any answers.  Can you please tell more about MinFeePerByte? I heard CfB had a plan, is this it?

I really like NXT and it is fun reading old posts that criticize, but one thing he said that stands true is that the fee is 1 NXT. 

Can you give information about when it will be lowered and to what?

[zhengqi]

Sounds possible. Anyway, the research team works very hard about NXT!

[Daedelus]

Thank you for your insightful post, Blazin604. This is very true.

Which bit?

The fee argument.

It is out of date. MinFeePerByte was already agreed when the original post was made by BrianNowhere and will be part of the next release.

@Daedelus. I have been asking on the NXT forum about this, but didn't get any answers.  Can you please tell more about MinFeePerByte? I heard CfB had a plan, is this it?

I really like NXT and it is fun reading old posts that criticize, but one thing he said that stands true is that the fee is 1 NXT. 

Can you give information about when it will be lowered and to what?

You must have missed my posts on the 'official' thread 

I missed it but...

The standard fee for Nxt will also be lowered in the next release. Wesley said so much in the weekly hang out with Tai Zen.

Something else to look forward too 

And

RE: Fee discussion...

Hubs will set tx fee by using Hub terminal announcement transactions ("minFeePerByte" field).

That is a good idea, I think, how to get this idea (market price) implement in the nxt core?

Hubs have to announce their terminals to receive transactions to, they'll also announce what fee they charge per byte. This is already implemented.

Source: Come-from-Beyond's posts on Nxtforum.org from June 1st ish.



Edit: For clarity, this means is there will be a minimum fee based on a "Nxt per byte of information", set by the hubs that process the transactions.

Hubs are likely to then compete for transactions, while covering their costs, and a market rate for transaction fees will be found.

This will also act as a spam prevention mechanism as spamming the blockchain will have a linearly increasing cost.

https://bitcointalk.org/index.php?topic=587007.msg7150603#msg7150603
and
https://bitcointalk.org/index.php?topic=587007.msg7089079#msg7089079



The discussion was months ago in the megathread, not long after the vote. It solved a technical problem too on spam having a linearly increasing cost. Only now they have got around to implementing.

[jabo38]

Thank you very much!

It seems like the main forgers are going to be choosing fees rates.

As long as there isn't a back room deal to keep fees high, I like the idea of letting the market decide.  In someways, that is much better than people just picking a number like 1 or .1 or .01 just because it sounds good and then making everyone abide by it.  

I am also hoping that a few of the big forgers will offer fees as low as .00001.  I think that would be really great to help inspire more users.  

[aLadyLove]

Darkcoin is a fork of NXT Does it suffer from the same problems?

[devphp]

Darkcoin is a fork of NXT

you've been misinformed.

[Steam20]

It's funny, every coins get the "Clone" FUD, people don't even look at the code and post this just because this coin did not make them a millionnaire.

Nxt has one of the best wallets and is a game changer. That is my opinion, but an informed opinion. I spent a lot of time reading and investigating. Time will tell, but right now it's not #3 in marketcap for nothing.

How can people not see the difference between pump and dump and innovation (I am not saying it might not fail, but it deserves our attention as members of the crypto community).

By pushing forward clones, we are not adding value to this community.

Yeah, Nxt is great, great wallet...