Unobtanium In-House Exchange

[BitcoinCharlie]

In NXT, what is forging? And, should I be doing it? 

[IMZ]

"It is complex and intimidating to me, but the more i toy with it, the neater it seems."

Me too, Sirsmokes!! I am not a secret Nxt troll -- its wallet is a means to an end for us -- but if we are gonna be experts in our field, we gotta know a little about a lot, and coloured coins is one of those littles.

Bitcoin Charlie, "If there are no new Nxt to be mined, how do you validate the blockchain and secure the network?

Nxt is a pure Proof-of-Stake (PoS) currency. Users validate the blockchain and secure the network by running a light weight client on any computing device (even one that used to run Windows XP). For doing this users are rewarded with Nxt coin that is collected from transaction fees."

Wiki on Nxt

We don't need to forge for the DVC Project. I'll ask Ian if he forges.

Well, I'll wait my hurry. You guys puddle about a bit with passing Nxtty to and fro. We should have DVC on Un-Ex this week!

m

[IMZ]

Okay, Nxtty has passed from Sirsmokes to Ed.

Bitcoin National, I owe you a beer for your patience.

m

[Benefactor]

Is there a difference between Nxtty and Nxt(Coin?)?  What is going on around here?

[IMZ]

Big difference, Benefactor.

Nxt is a full-fledged 2.0 crypto. It's Big Vision since Day One has been coloured coins, which Nxt calls 'assets.'

There are now 35 assets listed on Coinmarketcap. The Nxt 'SAE' has many more.

So, why are we muckin' arouund with Nxtty?

Well, any coloured coin that we experimented with would have required that everyone set up one more (blasted) wallet. In our case, cause it's so new to all of us -- sure includin' me! -- I handed out some 'Nxttycoin,' which, as an asset of the same type as DVC, are transferred to and fro in the multi-coin Nxt 'wallet system' in exactly the same way that (rare and precious) DVC will be.

So, everyone go for broke with the Nxttycoin. See if you can lose a few. Figure it all out.

We are getting real close to issuing DVC!

Mark

[Benefactor]

...So Nxxttycoins are a 4th crypto, like DVC that's on NXT wallets, and we haven't actually started Phase 2, yet?

We are just testing with Nexxtttttyyyyycoins?

[IMZ]

Un-Ex  26/11/2014 [Western Australia – a half a day ahead of the U.S.]

Unobtanium: 'solid': .0075/.0070

https://www.cryptsy.com/markets/view/133
https://bittrex.com/Market/Index?MarketName=BTC-UNO
https://bleutrade.com/exchange/UNO/BTC
https://coinbroker.io/trade/?symbol=UNO.BTC;

Trusted Traders:

List of Trusted Traders

Silver Bullion: $US16.64 – up a little

DVC: 11.759

[IMZ]

Hey, Benefactor. Correct: nxttycoin is our test coin; and both Nxtty and DVC (and many more) ‘live’ on the Nxt wallet.

So, as people posted their Nxt addresses (and ‘public keys’), I sent them, from my stock, as a gift, fifty Nxt and five thou Nxtty.

And have we started Phase Two?

Hedges are unpacked. And Bitcoin Charlie has graciously agreed to hold my ten ounces until we figure out their best use.

I have a big paper chart, B. with the statuses of all those interested. We’ve had far more interest than the Hedges!

The chart shows whether a person is a TT, whether they’ve got an Nxt wallet set up, whether they’ve been sent Nxt and Nxtty, whether they’ve acknowledged receipt of those, whether they’ve managed to send a message with the Nxt message system, whether they’re ‘verified,’ whether they’ve managed to send and receive Nxtty -- several people have got this far. At least five have 'live' Nxt wallets.

Ian is going to post, introducing himself as Interim Bursar (and as an Abundance of Caution, I shan’t join the fray for a couple of weeks yet – but I have figured out how to post the picture of my bullion! Ian will also recluse for some time.)

There is a link to Theory of Hedges here somewhere here.

I have set aside a fund of point two five btc to buy and sell coin to and from those who wanna get a TT Rating, and then work their way up to verification and then getting DVC.

DVC prices have been posted for three days running on Un-Ex.

We are close close close to throwin’ the switch, though there is a lot of theory that we still all need to hash out – like shall we keep the ‘excess’ DVC in public escrow, in case we want to use them later, or should be burn them?

I am not in charge, and look forward to all the help I can get.

M

[Sabretooth]

@ Sabretooth, gotta get you a TT-rating forthwith!
IMZ has a small fund to facilitate first purchases here. If you (or BigTimeSpaghetti or CraigV) put up an offer to buy or sell five or ten Uno, I will accept it.

WTB

Sabretooth Trade - 001

I would like to purchase 5 Uno @ 0.008 BTC each = 0.04 Btc

[IMZ]

I accept Sabretooth 001

.0375 is five times .0075. That is a fair price.

You send btc -- my address is below. PM me your Uno address. Me go beddy byes. Your Uno will turn up in eight hours.

Mark (IndiaMikeZulu), Australia

[Sabretooth]

Done.  PM sent.

[IanRidgwell]

Hi guys,

Just a quick note to mention I'm in the logistical position of bursar for the DVCs here.

During this phase I pretty much cant hold DVC because conflict of interest and accounting issues. I'm ok with this since its the project I'm interested in more than the hedges themselves. I have relatively small holdings and will benefit more from community growth and involvement than being able to hawk my UNO back and forth.

I'm going wait till the distribution is done and more project/community details are decided before I join the holding pool.

At that point I will shift the DVC to a mutually agreed upon 'state/account' either for additional distribution with growth or proof of burn. Not positive proof of burn woks with NXT but a solution will be found.

Regards Ian.

[IMZ]

Please please: can someone explain where the public key on the (newly-downloaded) Nxt wallet is?

m

[BitcoinCharlie]

Please please: can someone explain where the public key on the (newly-downloaded) Nxt wallet is?

m

Are you talking about the one that you need for the first transaction? My public key was listed in an alert / note at the top of the NXT screen.

[IMZ]

Well done, B.C. Yes, this pesky public key is what you need to 'boot up' the wallet.

Wow, I'm gonna owe a lot of people a bottle of beer! It's months since I downloaded my Nxt wallet.

Update:

bc NXT-5278-HTMV-Y3GZ-CHZHY – his message to me has come through

ss NXT-S5X4-5STA-CX3J-F8TWX has received Nxttycoin from Edgar

ed NXT-9H8W-2722-B4Z5-B6TXB has sent Nxtty to Sirsmokes

rz NXT-JJYE-L7XR-CLH5-CR77J – some Nxtty is in the pipeline from Edgar to Repunza. Please tell me if it appears.

B.N. NXT-SPZM-TDZU-6RH5-C5FQ2 – Nxtty from Edgar should be in his wallet when it kicks in

IMZ Mark: NXT-7G8P-PY3U-8F48-GZP3E  -- you can send me a couple of Nxtty as a test, if you like, or a message

Sabretooth’s position is unique: he has Verified before becoming a TT! His first trade – for a one-star Rating – should be complete any second; but as an abundance of caution, would we . . . hmmm . . . put him on some sort of ‘provisional’ status for a few weeks?

Ian Ridgwell (‘IMZ Ian’) has posted: he’s gonna be our bursar. We encourage the asking of searching questions. This is a theoretical experiment. We gotta iron out all the wrinkles.

I am not in charge.

‘Nodes’: someone ask me about ‘Nodes’ – redundancy. Kick-arse bit of theory.

And a fund of 20 ‘Special’ DVC -- ?? Any ideas about to whom they might ultimately be issued? Just seems logical to have a little wiggle room.

[Sabretooth]

Sabretooth Trade 001 complete

[IMZ]

TT List updated:

http://indiamikezulu.com.au/454/list-of-trusted-traders/

[Benefactor]

IMZ-Mark:  Hey!  You never publicly acknowledged that you got the 100 UNO 'Abundance of Caution' back from me.

That's 2 big, public 100-UNO transactions I've handled in good faith, (plus hundreds in in-house transactions) - I should have my 3rd star by now!!  I probably have more transactions than anyone else, too!

(That's all I ever want, just 3 stars!)

[Benefactor]

And a fund of 20 ‘Special’ DVC -- ?? Any ideas about to whom they might ultimately be issued? Just seems logical to have a little wiggle room.

Definitely a good idea to have them on hand.  Were there more extras?  I think you said something about 'destroying' some?  Don't do that.  The bursar must always be responsible, though.  We can track these, right?  I mean, is there a way the whole community can always see them, like on the blockchain?  Then, we will at least know if there is something off.  If you have to change wallets or something, just announce the movement of the extras.

As for what to do with them...?  Don't they have to be based on actual bullion?  I say definitely yes, so they wouldn't be issued unless more bullion was held for them.

Whatever you/we do with extras, please don't ever be rash.  Even having a good, vigorous discussion with 60% of the posters here and then moving the extras within 24 hours is inadequate.  Give it at least a week for EVERYONE to have the opportunity to chime in with opinion and influence.  (I prefer a whole month, but things move faster here in Cryptoland.)

[IanRidgwell]

There are 500 non decimal divisible DVCs.

We expect to use perhaps 100 - 200 at tops.

If I was to speculate a reason for holding addition DVCs in 'community bank', it would be to embrace commercial partners into the Trusted Trader arena.

i.e. To garner a relationship between the DVC core community group and a Bullion Supplier.
 
These commercial invitations would require a single point of contact (to establish the peer to peer trust) and a benefit to the community. As much as inviting Dildo and Co. to the UNO arena would look great in a press release it isn't the kind of merchant facility I can see being used within the community. Not to be harsh but waste not want not. Nothing superficial or 'high five us' is going to sustain any long term value for a community of this nature.

It is also worth considering: Within this community are technically apt service people. I would happily accept UNO/DVCs for any services I can provide to the community and I would happily pay UNO/DVCs for any services within the community I might need. We don't want to invite businesses interests into the community at the expense of 'real people' traders. I would wager we have web developers, technicians, coders and possibly a few specialists in said fields within this community.

I think at the stage where the core community begins to bulge we should consider extrapolating the project to prevent any easy to target points of centralization.

Imagine I had spent all this time working with the community acting as the logistics center and ran away with... a few hundred bucks of DVCs. Never going to happen.

However if the project explodes, that point of centralization becomes far more attractive target. Fewer coins, smaller tighter communities and a peer to peer level of appreciation respect and trust can supersede a lot of the potential for wrong doing however at some point there will always be enough profit to be gained for someone to do the legwork.

We can avoid that with small allocations and small communities. Hence 500 DVCs and an honest and open understanding that it is unlikely the current iteration of DVCs (NXT Asset) will be with us in years to come. It is an initial tool to facilitate the project (not a project to justify the use of a tool Which is something I see in internet communities).

My sincerest hope is that in the years to come as our community develops and additional projects spawn from this one, there will be the desire and obvious need to build our own tools from scratch, for the community by the community.