$5000 per coin will never happen if PoW mining is allowed to continue

[devphp]

Thank you for finally admitting NaS is a theoretical flaw and not only a myth. The role of security analysts to find all theoretical security flaws and patch them before an attack occurs. To simply ignore the problem by calling it a myth because it hasn't been witnessed be executed before is just irresponsible.

What I called a myth here is not so much the N@S itself, which theoretically does exist, but theories are just that, theories. This N@S theory for NXT is less probable than the theory of all governments switching off internet in unison to block crypto currencies, which can be thought of as a conspiracy theory, and it's still a good theory for some folks.

What I called a myth there is the whole idea of someone attacking with ease after drinking their morning coffee and at no cost no less, that user apparently was quoting someone else's biased words, and that's double face palm

[inBitweTrust]

What I called a myth here is not so much the N@S itself, which theoretically does exist, but theories are just that, theories. This N@S theory for NXT is less probable than the theory of all governments switching off internet in unison to block crypto currencies, which can be thought of as a conspiracy theory, and it's still a good theory for some folks.

What I called a myth there is the whole idea of someone attacking with ease after drinking their morning coffee and at no cost no less, that user apparently was quoting someone else's biased words, and that's double face palm

So you are suggesting that a few large stake holders credentials being stolen is less probable than all networking devices stop working worldwide ?

Explain to me how you could possibly rationalize this?

[devphp]

So you are suggesting that a couple large stake holders credentials being stolen is less probable than all networking devices stop working worldwide ?

Explain to me how you could possibly rationalize this?

A couple of large stake holders private keys stolen can't kill NXT. You will need 51% of actual balances with NXT in them to successfully do damage, just like in Bitcoin (or 90% after TF is implemented some time in 2015). If you purchase or somehow gain access to private keys with empty balances of 51% in the past, there is a protection against that in the algo, basically, you'll need to be building myriads of chains to build one with the highest cumulative difficulty to overcome the correct chain. Like I said, welcome to nxtforum.org, there is a lot of info there on this topic.

[amaclin]

You will need 51% of actual balances with NXT in them to successfully do damage

You will need 51% of actual online balances with NXT in them to successfully do damage.
See the difference.

[devphp]

You will need 51% of actual balances with NXT in them to successfully do damage

You will need 51% of actual online balances with NXT in them to successfully do damage.
See the difference.

Yes, and that's still much more than you believe it is you can get access to.

[DumbFruit]

NXT has been running in decentralized consensus for 11 months. That's a fact of life, deal with it.

No, it really hasn't.

[amaclin]

Yes, and that's still much more than you believe it is you can get access to.

Correct for today.
Tomorrow the situation will change.
There will be no reasons for typical holder to be online 24/365
As in bitcoin there are no reasons to have a full-node on desktop PC

[inBitweTrust]

You will need 51% of actual balances with NXT in them to successfully do damage

You will need 51% of actual online balances with NXT in them to successfully do damage.
See the difference.

Yes, and that's still much more than you believe it is you can get access to.

Are you serious or just playing dumb?

http://charts.nxtcrypto.org/cDistribution.aspx

This shows that between 7-15 individuals own over 80% of the stake. This means that all one would have to do is compromise a few of these accounts and that can be done by compromising 1-2 of them first and than using those credentials to compromise their friends and fellow developers.

The reality is Nxt was attacked even before being launched by their own creators. The history will forever be tainted and thus is a huge PR problem that you will have to deal with that is not so easy to ignore.

[devphp]

Yes, and that's still much more than you believe it is you can get access to.

Correct for today.
Tomorrow the situation will change.
There will be no reasons for typical holder to be online 24/365
As in bitcoin there are no reasons to have a full-node on desktop PC

There is a choice to lease balance (without giving control of the coins) to pools (just like in Bitcoin) for those who don't want to forge (stake) on their own.

But actually the situation with solo forging might improve as distribution gets better, although this is not a guarantee. Likewise, your statement that it will get worse is not a guarantee either.

[devphp]

This shows that between 7-15 individuals own over 80% of the stake. This means that all one would have to do is compromise a few of these accounts and that can be done by compromising 1-2 of them first and than using those credentials to compromise their friends and fellow developers.

1. How many mining pools' operators own 80% of Bitcoin hashrate? 3-5?
https://nxtblocks.info/#section/blockexplorer_distribution
142 NXT accounts own 77.81% of NXT.
2. How do you compromise those accounts exactly, accounts are not bound to IPs/identities (but Bitcoin mining pools are easily identified and can be tinkered with)?

If compromising was that easy, then you'd need to only compromise your friend's computer and then hack into Bill Gates' mailbox armed with just a Six degrees of separation theory.

[inBitweTrust]

1. How many mining pools' operators own 80% of Bitcoin hashrate? 3-5?
2. How do you compromise those accounts exactly, accounts are not bound to IPs/identities (but Bitcoin mining pools are easily identified and can be tinkered with)?

If compromising was that easy, then you'd need to only compromise your friend's computer and then hack into Bill Gates' mailbox armed with just a Six degrees of separation theory.

You are deflecting as I have already admitted Bitcoin isn't perfect and has security concerns. It is far more likely that Nxt is compromised by a bug in past or future code due to its lack of developers and peer review than a NaS attack. Now care to back up this assertion:

What I called a myth here is not so much the N@S itself, which theoretically does exist, but theories are just that, theories. This N@S theory for NXT is less probable than the theory of all governments switching off internet in unison to block crypto currencies, which can be thought of as a conspiracy theory, and it's still a good theory for some folks.

What I called a myth there is the whole idea of someone attacking with ease after drinking their morning coffee and at no cost no less, that user apparently was quoting someone else's biased words, and that's double face palm

So you are suggesting that a few large stake holders credentials being stolen is less probable than all networking devices stop working worldwide ?

Explain to me how you could possibly rationalize this?

[devphp]

So you are suggesting that a few large stake holders credentials being stolen is less probable than all networking devices stop working worldwide ?

Explain to me how you could possibly rationalize this?

https://nxtblocks.info/#section/blockexplorer_distribution
142 NXT accounts own 77.81% of NXT.

Explain what you mean by 'a few'?

[inBitweTrust]

1. How many mining pools' operators own 80% of Bitcoin hashrate? 3-5?
https://nxtblocks.info/#section/blockexplorer_distribution
142 NXT accounts own 77.81% of NXT.

Why does this

https://nxtblocks.info/#section/blockexplorer_distribution

 not match this :

http://charts.nxt.org/cDistribution.aspx

This is a huge discrepancy!

Additionally, can you at least admit that this comment was hysterically fallacious:

What I called a myth here is not so much the N@S itself, which theoretically does exist, but theories are just that, theories. This N@S theory for NXT is less probable than the theory of all governments switching off internet in unison to block crypto currencies, which can be thought of as a conspiracy theory, and it's still a good theory for some folks.

[devphp]

1. How many mining pools' operators own 80% of Bitcoin hashrate? 3-5?
https://nxtblocks.info/#section/blockexplorer_distribution
142 NXT accounts own 77.81% of NXT.

Why does this

https://nxtblocks.info/#section/blockexplorer_distribution

 not match this :

http://charts.nxt.org/cDistribution.aspx

This is a huge discrepancy!

No idea, I usually use this one:

https://nxtblocks.info/#section/blockexplorer_accounts

sort by account balance descending order with 100 records per page, and you'll see all you need to see. And you can compare the data there against your own client and your own downloaded blockchain if you don't trust that blockexplorer.

Additionally, can you at least admit that this comment was hysterically fallacious:

On the contrary, it was a comment said with a cold mind, I can repeat it any time again if need be.

[inBitweTrust]

No idea, I usually use this one:

https://nxtblocks.info/#section/blockexplorer_accounts

sort by account balance descending order with 100 records per page, and you'll see all you need to see.

Well than you may want to do some research into which one is correct. I would more likely trust my source as it more closely matches the results of the IPO and comes from an older and more trusted site but of course you would probably pick the dataset that supported your delusions above critically looking at the facts, right?

On the contrary, it was a comment said with a cold mind, I can repeat it any time again if need be.

Well I'm waiting to hear how you can rationalize a few(Whether 7 or 80 doesn't change the point) large stake holders credentials being stolen is less probable than all networking devices stop working worldwide ?

[peeveepee]

Time has proven centralization of currency issuing power is inevitable whether it is fiat or bitcoin, the only different is the players.

Might as well change the protocol and switch it to PoS system.

[schnib12]

Why does this

https://nxtblocks.info/#section/blockexplorer_distribution

 not match this :

http://charts.nxt.org/cDistribution.aspx

This is a huge discrepancy!

Additionally, can you at least admit that this comment was hysterically fallacious:

because they use different steps , e.g. 1,000,000-1,000,000,000  instead of 10,000,000-1,000,000,000

[inBitweTrust]

Time has proven centralization of currency issuing power is inevitable whether it is fiat or bitcoin, the only different is the players.

Might as well change the protocol and switch it to PoS system.

You can do this now. Please sell all your bitcoin and buy a PoS alt sir. Why haven't you already done this?

[DumbFruit]

Time has proven centralization of currency issuing power is inevitable whether it is fiat or bitcoin, the only different is the players.

Might as well change the protocol and switch it to PoS system.

No thanks. It's important for competing miners to be able to enter to the market even (especially) in the event that it is highly centralized. Basing competition on how big of a pile of money you have can not physically be overcome by a new entrant.

In other words; Those in power can remain in power at their leisure.

[inBitweTrust]

because they use different steps , e.g. 1,000,000-1,000,000,000  instead of 10,000,000-1,000,000,000100,000,000

Correct, sir, good eye. This would mean my original statement of 7-15 owning most Nxt is true.