Gold collapsing. Bitcoin UP.

[kodtycoon]

Interesting discussion with Vitalik and some of the nxt guys happening today after he posted his Stake article today. Looks like he admits nxt does things a little better then he thought:https://nxtforum.org/general-discussion/bounty-for-successful-nothing-at-stake-attack/msg60166/#msg60166

A few of his ideas from the article are also currently being implemented into nxt in a feature they call economic clustering. Seems to me like nxt is spearheading some incredible advancements and are not shy to keep adding new powerful features to the protocol quickly. At its very worst it will be a great case study when determining how to improve bitcoins mining mechanism.

Not every time someone mentions another coin is to pump the shit out of it, some people actually have the belief that good advancements can come from experimenting with this technology in a number of ways. Just like those who were quick to dismiss bitcoin are paying for it, you'd be wise to keep your eyes open to new ideas.

bravo sir. I'm quoting this so it can really sink in.

[notme]

Interesting discussion with Vitalik and some of the nxt guys happening today after he posted his Stake article today. Looks like he admits nxt does things a little better then he thought:https://nxtforum.org/general-discussion/bounty-for-successful-nothing-at-stake-attack/msg60166/#msg60166

A few of his ideas from the article are also currently being implemented into nxt in a feature they call economic clustering. Seems to me like nxt is spearheading some incredible advancements and are not shy to keep adding new powerful features to the protocol quickly. At its very worst it will be a great case study when determining how to improve bitcoins mining mechanism.

Not every time someone mentions another coin is to pump the shit out of it, some people actually have the belief that good advancements can come from experimenting with this technology in a number of ways. Just like those who were quick to dismiss bitcoin are paying for it, you'd be wise to keep your eyes open to new ideas.

bravo sir. I'm quoting this so it can really sink in.

nxt seems to be a great platform for experimentation.  A research oriented cousin is exactly what Bitcoin needs.  What will be interesting to watch is how Bitcoin handles it if nxt actually comes up with something interesting and can prove it works how they think it should.

[windjc]

POW fanboys like (left blank) haven't done enough research to understand how POS really works. But it doesn't matter. POW fanboys should be more worried about

A) keeping mining emissions from becoming a environmental black eye
B) avoiding the 51% threat
C) making sure miners actually can get compensated enough with fees by the time the halving after next occurs.

IMO, the fact that POW fanboys even spend time arguing about POS makes them look desperate. POS fanboys aren't worried about POW.

[windjc]

Interesting discussion with Vitalik and some of the nxt guys happening today after he posted his Stake article today. Looks like he admits nxt does things a little better then he thought:https://nxtforum.org/general-discussion/bounty-for-successful-nothing-at-stake-attack/msg60166/#msg60166

A few of his ideas from the article are also currently being implemented into nxt in a feature they call economic clustering. Seems to me like nxt is spearheading some incredible advancements and are not shy to keep adding new powerful features to the protocol quickly. At its very worst it will be a great case study when determining how to improve bitcoins mining mechanism.

Not every time someone mentions another coin is to pump the shit out of it, some people actually have the belief that good advancements can come from experimenting with this technology in a number of ways. Just like those who were quick to dismiss bitcoin are paying for it, you'd be wise to keep your eyes open to new ideas.

bravo sir. I'm quoting this so it can really sink in.

nxt seems to be a great platform for experimentation.  A research oriented cousin is exactly what Bitcoin needs.  What will be interesting to watch is how Bitcoin handles it if nxt actually comes up with something interesting and can prove it works how they think it should.

If?  Nxt has the first functioning decentralized exchange. In a few weeks Nxt will have the first functioning multi-gateway exchange. These are first to market revolutionary technologies.

[kodtycoon]

Interesting discussion with Vitalik and some of the nxt guys happening today after he posted his Stake article today. Looks like he admits nxt does things a little better then he thought:https://nxtforum.org/general-discussion/bounty-for-successful-nothing-at-stake-attack/msg60166/#msg60166

A few of his ideas from the article are also currently being implemented into nxt in a feature they call economic clustering. Seems to me like nxt is spearheading some incredible advancements and are not shy to keep adding new powerful features to the protocol quickly. At its very worst it will be a great case study when determining how to improve bitcoins mining mechanism.

Not every time someone mentions another coin is to pump the shit out of it, some people actually have the belief that good advancements can come from experimenting with this technology in a number of ways. Just like those who were quick to dismiss bitcoin are paying for it, you'd be wise to keep your eyes open to new ideas.

bravo sir. I'm quoting this so it can really sink in.

nxt seems to be a great platform for experimentation.  A research oriented cousin is exactly what Bitcoin needs.  What will be interesting to watch is how Bitcoin handles it if nxt actually comes up with something interesting and can prove it works how they think it should.

experimentation like...


- development plan for nxt for the next few months.

note: these are only the core features too. theres also also automated transactions (aka. ethereum death blow) ready for testing on testnet and as said above multigateway in final testing plus much more.

This is a summary of the development planning discussion we had today.

1. Release 1.2.1e will be scheduled in a few days, with bugfixes to DGS. After more testing, 1.2.2 should be ready for main net, planned for the week of July 14th. It will have DGS, Alias Transfer, and Encrypted Messages features set to be enabled about a week after the release, to give everyone time to upgrade. Therefore these features will go live before end of July.

2. In parallel with 1.2 bugfixes, JLP will finish the work on the 1.3 database persistence branch, which will have no new features and will be compatible with 1.2. After the release of 1.3, in August, both will be supported for some time while making sure 1.3 is stable and fixing any database related performance problems.

3. As 1.3 stabilizes, kushti will port his Voting System branch to also use database persistence, and merge it to what will become the 1.4 release. The 1.4 release will also have the AE dividends payments feature already mostly done by CfB, and possibly Smart Leasing, which ChuckOne will be working on.

4. The Monetary System branch will be delayed a bit as CfB plans to include Mixing (CoinShuffle) in it. The mixing will only work for Monetary System currencies, not for NXT payments. The MS branch needs to be reviewed by me, ported to use database persistence, and merged to the develop branch, to be expected no sooner than 1.5.

5. After MS, CfB will work on finishing Economic Clustering, Anti-Deflation, and the next steps to Transparent Forging, such as Time Warp.

6. After Smart Leasing, ChuckOne plans to focus on Atomic Cross-Chain Trading.

7. Kushti will work on blockchain pruning, improvements to Asset Exchange and DGS, and possibly helping with TF.

8. After the db work and managing the releases of the above features, I will look into Phasing, which includes Multisig Transactions and Escrow and is also related to the Atomic Cross-Chain Trading project.

9. The Instant Transactions proposal by Matt is still in the design phase, and is also related to Transparent Forging. ChuckOne would also assist with IT design.

@windjc... well said

and no i dont think us PoS fanboys are worried..

i dont think PoW fanboys can say the same..

[cypherdoc]

from the NXT homepage:

"The difference between the Nxt Brain Wallet and Bitcoin is there is no automated generation of your passphrase/private key and there is no wallet.dat-like file. A Bitcoin private key still can be bruteforced without access to created wallet.dat file."

who's desperate?  that is blatant false advertising.

[cypherdoc]

http://globaleconomicanalysis.blogspot.ch/2014/07/spain-issues-retroactive-003-tax-on.html

Spain issues retroactive tax to Jan 1, 2014.

Buy Bitcoin.

[kodtycoon]

from the NXT homepage:

"The difference between the Nxt Brain Wallet and Bitcoin is there is no automated generation of your passphrase/private key and there is no wallet.dat-like file. A Bitcoin private key still can be bruteforced without access to created wallet.dat file."

who's desperate?  that is blatant false advertising.

but thats true? a private key is a string of characters yes? why can a string of characters not be brute forced the same as brain wallets? theres no difference. a seed password for an electrum wallet can be brute forced, its just harder the longer the passphrase is, same goes for nxt passphrases. stop spreading fud.

[cypherdoc]

No, it's you who is confusing. Let me rephrase the issue here and hero members correct me if I am wrong:

- You need to expend real world resources to produce something (otherwise) worthless (eg. hashes), which are expended when you use it to "vote" on which chain is the longest. You cannot double-spend hashes, so there is always a cost if you want in the game, and the reward (coinbase) tends to the marginal cost.

you didn't phrase this quite right.  hashes are not "votes on which chain is longest".  when a miner receives notification of a block, he checks to verify that the submitted hash conforms to the target (certain # leading 0's) and verifies that all tx's within it are valid.  once verified, he adds it on top of the chain he has in memory and immediately starts hashing away on a new header in a race to create a hash that is once again below the target and would create yet another new block.  

here's where "voting" comes in.  if 2 different blocks are seen on the network simultaneously, the Northern Hemisphere might decide to build on one block (call it block #1) while the Southern Hemisphere decides to build off the other block (call it block #2).  this temporarily creates a fork for theoretically 10 minutes.  it would be exceedingly rare for another pair of blocks to arrive once again simultaneously extending this fork.  instead, the next single block the network sees will resolve the fork.  so if the Northern Hemisphere sees a new block first (block #3) it will add that block on top of its side of the fork (on top of block #1) and then immediately the Southern Hemisphere will see that it made a mistake and will "orphan" the block #2 it had been incorrectly trying to build off of and rejoin the Norhern Hemisphere and add block #1 and block #3 to its chain and then race to build a new block on top of block #3.

"voting" only consists of deciding to abandon (orphan) the chain it was working on to move to the other chain that is longer and has nothing to do with measuring hashes in a direct sense. in fact, no one on the network can actually measure the # of hashes performed by a block that has shown up.  nodes and miners only infer this by the time it took to show up since the last block.  by the mere fact that the other chain is longer means that it has performed the highest amount of POW via hashing.

[cypherdoc]

from the NXT homepage:

"The difference between the Nxt Brain Wallet and Bitcoin is there is no automated generation of your passphrase/private key and there is no wallet.dat-like file. A Bitcoin private key still can be bruteforced without access to created wallet.dat file."

who's desperate?  that is blatant false advertising.

but thats true? a private key is a string of characters yes? why can a string of characters not be brute forced the same as brain wallets? theres no difference. a seed password for an electrum wallet can be brute forced, its just harder the longer the passphrase is, same goes for nxt passphrases. stop spreading fud.

i read that sentence several times and it's referring to private keys generated in a wallet.dat.  private keys in the Bitcoin-qt wallet are randomly generated integers btwn 1 and 2²⁵⁶  that then are used to create 256 bit public keys via the trapdoor ECDLP.  then the public key gets sequentially hashed via sha256 and then ripemd160 creating an address with 160 bits of security.  these are not brute forceable by any known means in any feasible timeframe.

yes, NXT is spreading FUD.

[cypherdoc]

Bitcoin and alts diverging again.  just look at Litecoin and Ripple:

[kodtycoon]

from the NXT homepage:

"The difference between the Nxt Brain Wallet and Bitcoin is there is no automated generation of your passphrase/private key and there is no wallet.dat-like file. A Bitcoin private key still can be bruteforced without access to created wallet.dat file."

who's desperate?  that is blatant false advertising.

but thats true? a private key is a string of characters yes? why can a string of characters not be brute forced the same as brain wallets? theres no difference. a seed password for an electrum wallet can be brute forced, its just harder the longer the passphrase is, same goes for nxt passphrases. stop spreading fud.

i read that sentence several times and it's referring to private keys generated in a wallet.dat.  private keys in the Bitcoin-qt wallet are randomly generated 2²⁵⁶ integers that then are used to create 2²⁵⁶ public keys via ECDLP.  then the public key gets sequentially hashed via sha256 and then ripemd160 creating an address with 2¹⁶⁰ bits of security.  these are not brute forceable by any known means in any feasible timeframe.

yes, NXT is spreading FUD.

im guna do something that few people do on this forum and admit that i could be/probably am wrong about bruteforcing private keys. but the tech behind nxt still stands and if some misinformation on a website is the only argument you can come up with against nxt as a technology, i see that as progress.

can you link to where it says that about brute forcing private keys?

[_mr_e]

from the NXT homepage:

"The difference between the Nxt Brain Wallet and Bitcoin is there is no automated generation of your passphrase/private key and there is no wallet.dat-like file. A Bitcoin private key still can be bruteforced without access to created wallet.dat file."

who's desperate?  that is blatant false advertising.

I think what it is saying is that theoretically somebody somewhere could generate the same private key as you without needing your wallet.dat (although insanely unlikely). With Nxt you can actually claim and lock down an account so that even if somebody generated the same one they wouldn't be able to use it.

[cypherdoc]

from the NXT homepage:

"The difference between the Nxt Brain Wallet and Bitcoin is there is no automated generation of your passphrase/private key and there is no wallet.dat-like file. A Bitcoin private key still can be bruteforced without access to created wallet.dat file."

who's desperate?  that is blatant false advertising.

I think what it is saying is that theoretically somebody somewhere could generate the same private key as you with Bitcoin (although insanely unlikely). With Nxt you can actually claim and lock down an account so that even if somebody generated the same one they wouldn't be able to use it.

it's very clear what it is saying and it's not anything close to your interpretation.

[_mr_e]

Well either way, that site is pretty crap, you'd be much better off reading the wiki: http://wiki.nxtcrypto.org/wiki/Main_Page. Especially the current and planned features section.

[_mr_e]

can you link to where it says that about brute forcing private keys?

http://www.nxtcommunity.org/

Scroll down under Brain Wallets...


Why is that website so bad?

[cypherdoc]

Well either way, that site is pretty crap, you'd be much better off reading the wiki: http://wiki.nxtcrypto.org/wiki/Main_Page. Especially the current and planned features section.

is this a fair summary of what NXT is?  

http://wiki.nxtcrypto.org/wiki/Nxt_Wiki

[kodtycoon]

Well either way, that site is pretty crap, you'd be much better off reading the wiki: http://wiki.nxtcrypto.org/wiki/Main_Page. Especially the current and planned features section.

is this a fair summary of what NXT is?  

http://wiki.nxtcrypto.org/wiki/Nxt_Wiki

absolute bare bones. yes.

[cypherdoc]

im guna do something that few people do on this forum and admit that i could be/probably am wrong about bruteforcing private keys. but the tech behind nxt still stands and if some misinformation on a website is the only argument you can come up with against nxt as a technology, i see that as progress.

can you link to where it says that about brute forcing private keys?

that's ok, i won't consider you a complete idiot.  b/c i'm sure you're getting confused btwn proper RNG (like that recorded from the static from your cpu chip or from dice rolling like on bitaddress.org) vs. improper RNG of the 256bit privkeys as with "horse battery staple" brain wallets.   these generate non-random privkeys that CAN be brute forced b/c there are too many idiots who use these types of weak phrases.  what the hackers are doing are running dictionary attacks on commonly used phrases/words that have been either used in the past or exist in tomes like the Bible.  

as to the mechanics of privkey generation, use Google.

[windjc]

can you link to where it says that about brute forcing private keys?

http://www.nxtcommunity.org/

Scroll down under Brain Wallets...


Why is that website so bad?

That's not an official site. There is no official site, but NXT.org is much closer to it than that outdated site people are referencing as a source for discussion.

Let us not cherry pick please.