[ANN][NOXT] - NobleNXT Proposal/Whitepaper - Noble's 1st Colored Coin

[ontopicplease]

'Cycling' was the idea that if the deflationary nature of NOXT eventually meant there were very little to zero remaining in circulation then they could be re-issued as a new investment/crowd fund in the future. Much longer term.

If no new asset were issued and all NOXT sat in the genesis account, then obviously they could not be re-distributed. This can be solved though by just issuing a new 'asset' much further down the road. I think people would be much more comfortable seeing the NOXT burnt in an address they know no-one can touch, so that's the best course of action.

Thanks for the explanantion.  And I agree that people would probably be more comfortable seeing NOXT sent to the genesis account than sitting idle in a theoretically touchable account.

Now, I have another question that I hope you can answer:  In the FAQ (v3) you describe NOBL as »a ‘pure’ decentralized cryptocurrency«, whereas NOXT is described as being more centralized.  How is that?  IMHO, the NXT platform is just as decentralized, if not more, than the bitcoin family of cryptocurrencies that NOBL belongs to.

According your last question, I think Noble is decentralized because of the POW/POS. Where NOXT is premined and for that reason more centralized, but I could be wrong easily.

[appleannie]

Okay, so how do I burn my Nobl. I bought Nobl because I was not sure which one was going to be better. I am really hoping the price on the NOXT goes up a little more. Maybe this will take some time.

[voephilis]

Okay, so how do I burn my Nobl. I bought Nobl because I was not sure which one was going to be better. I am really hoping the price on the NOXT goes up a little more. Maybe this will take some time.

PM Rofo. Don`t know if it is still possible to trade your NOBLs to NOXT.

NOXT price 16 % up

[Rofo]

I felt NOXT was more centralized because of the distribution method, the fact a lot of its 'features' require a centralized authority, the pegging and redemption, control over supply, guaranteed exchange rates, and potential future links with business that would require membership registrations, AML/KYC regulation etc. The centralized authority aspect was something I tried to avoid all year for NOBL, keeping it community-oriented and more decentralized/democratic. The market is more and more demanding these coins become more centralized to protect value and profit, which is interesting to watch unfold as it feels like some kind of repeat play of monetary history, despite what BTC/crypto was aiming to be about. The NXT platform is decentralized and allows for decentralized trade/banking/exchange etc. and is great, but a lot of key features depend on an authority supporting them.

Regarding burning:

Please allow me to get together the final raised and all the PMs I got about burning, and I will get in touch with everyone with addresses and we'll burn the NOBL to NOXT over the next few days.

[Hueristic]

Sorted

[Rofo]

Hueristic I have responded to your PMs privately and repeatedly publicly stated I will be sending out the burn PMs shortly. I am about to post the public process also to get it over and done with today. The BTC crowd fund came first, and now the NOBL burning process begins - with the information and process to come. If you are burning NOBL, it is being exchanged as if its current value is 18 satoshi.

If you have 3,500,000 NOBL, that would equal 0.63 BTC worth (3,500,000 x 0.00000018), which would net you 1500 NOXT (0.63 / 0.00042 (NOXT crowd fund price).

[Hueristic]

Hueristic I have responded to your PMs privately and repeatedly publicly stated I will be sending out the burn PMs shortly. I am about to post the public process also to get it over and done with today. The BTC crowd fund came first, and now the NOBL burning process begins - with the information and process to come. If you are burning NOBL, it is being exchanged as if its current value is 18 satoshi.

If you have 3,500,000 NOBL, that would equal 0.63 BTC worth (3,500,000 x 0.00000018), which would net you 1500 NOXT (0.63 / 0.00042 (NOXT crowd fund price).

Thx, That makes sense. What did you make the cutoff date for for people that were buying just to burn for a profit? Personally I haven't bought since before Noxt was announced so it doesn't effect me but was just curious.

Oh and thx for the PM.

[Hachoir]

Hi, I did buy some NOXT assets and transferred them to my wallet. Does this mean I participated to the crowdfunding ?

[ReserviorHunt]

Hi, I did buy some NOXT assets and transferred them to my wallet. Does this mean I participated to the crowdfunding ?

If you bought them during the crowdfunding period until PST of new years eve, then yes. If you just bought them off the market when it was freely trading afterwards, then no.

[voephilis]

Hi, I did buy some NOXT assets and transferred them to my wallet. Does this mean I participated to the crowdfunding ?

If you bought them during the crowdfunding period until PST of new years eve, then yes. If you just bought them off the market when it was freely trading afterwards, then no.

if you are buying now you are little too late for crowdfunding.  but still early enough to jump on the train.

[Rofo]

Remaining BTC Portion Destroyed

321,428 of 500,000 NOXT were sold from the BTC portion. I've destroyed the remaining 178,571 (17.8%) by sending them to the genesis account - NXT-MRCC-2YLS-8M54-3CMAJ (can be viewed and confirmed in Asset Distribution).

NOBL Burning Process

1. Send me a PM with the amount of NOBL you are burning right now and the address you are sending them from (before sending any).
2. In the PM include your NXT Account ID (Address, for example mine is NXT-LSM7-9TLV-TZPB-FLB5T). This could be a NOXT deposit address you have generated on Poloniex if you choose. This is where I will send the NOXT.
3. Send your NOBL to this address to burn (destroy/make unspendable): 9T6fgHG3unjQB6vpWozhBdiXDbQp3P7F8M (read why here).
4. Once I confirm the NOBL has been sent to the address I will send 10 NOXT to your address as a test and PM you to confirm you received it OK.
5. Once confirmed by you I will send remainder of NOXT to your address.
6. I will be doing it in daily batches and applying checkpoints/force updates to the NOBL wallet if necessary, so no funny business.

Only if you've PM'd me so far can I now confirm a burning spot. We've reached the cap of removing 700 million NOBL from circulation.

Example of exchange rate:

If you have 3,500,000 NOBL, that would equal 0.63 BTC worth (3,500,000 x 0.00000018), which would net you 1500 NOXT (0.63 / 0.00042 (NOXT crowd fund price).

Most people bought well above this exchange rate, so I don't think there are going to be many quick flips for profit all things considering. Personally I don't think it's worth it, but giving a heads up regardless.

If I've missed anything important point it out to me.

[voephilis]

Kudos! so sophisticated

[Toastor]

NOBL burned to NOXT very smoothly.

Many thanks Rofo!

[Honeypot]

Remaining BTC Portion Destroyed

321,428 of 500,000 NOXT were sold from the BTC portion. I've destroyed the remaining 178,571 (17.8%) by sending them to the genesis account - NXT-MRCC-2YLS-8M54-3CMAJ (can be viewed and confirmed in Asset Distribution).

NOBL Burning Process

1. Send me a PM with the amount of NOBL you are burning right now and the address you are sending them from (before sending any).
2. In the PM include your NXT Account ID (Address, for example mine is NXT-LSM7-9TLV-TZPB-FLB5T). This could be a NOXT deposit address you have generated on Poloniex if you choose. This is where I will send the NOXT.
3. Send your NOBL to this address to burn (destroy/make unspendable): 9T6fgHG3unjQB6vpWozhBdiXDbQp3P7F8M (read why here).
4. Once I confirm the NOBL has been sent to the address I will send 10 NOXT to your address as a test and PM you to confirm you received it OK.
5. Once confirmed by you I will send remainder of NOXT to your address.
6. I will be doing it in daily batches and applying checkpoints/force updates to the NOBL wallet if necessary, so no funny business.

Only if you've PM'd me so far can I now confirm a burning spot. We've reached the cap of removing 700 million NOBL from circulation.

Example of exchange rate:

If you have 3,500,000 NOBL, that would equal 0.63 BTC worth (3,500,000 x 0.00000018), which would net you 1500 NOXT (0.63 / 0.00042 (NOXT crowd fund price).

Most people bought well above this exchange rate, so I don't think there are going to be many quick flips for profit all things considering. Personally I don't think it's worth it, but giving a heads up regardless.

If I've missed anything important point it out to me.

A lot of work, 2015 will bring good results.

[kseistrup]

NOBL Burning Process

1. Send me a PM with the amount of NOBL you are burning right now and the address you are sending them from (before sending any).
[…]

If I've missed anything important point it out to me.

As far as I can see, you can't really tell what “address you are sending them from”, you can only control the account — and one account can have many addresses.

If you have been receiving all your NOBL with one address only, you can tell what address you will be sending from.  But if you have recived your NOBL with several addresses, there's no way to tell what the outgoing address will be.

I used the “getaddressesbyaccount” to determine which addresses were included in that account, and luckily the command returned only two addresses, one of which I had received most of my NOBL into.  I then used the "sendfrom" command to transfer the NOBL to the burning address, and the transaction included a plethora of input — of which the majority involved one of the two addresses.

Of course, you can “setaccount <noblecoinaddress> <account>” to a freshly named account with a virgin address, transfer all your NOBL to that “noblecoinaddress” and then “sendfrom” that account, but then the whole procedure gets unnecessarily complicated.

Cheers.

[eagleflies]

NOBL Burning Process

1. Send me a PM with the amount of NOBL you are burning right now and the address you are sending them from (before sending any).
[…]

If I've missed anything important point it out to me.

As far as I can see, you can't really tell what “address you are sending them from”, you can only control the account — and one account can have many addresses.

If you have been receiving all your NOBL with one address only, you can tell what address you will be sending from.  But if you have recived your NOBL with several addresses, there's no way to tell what the outgoing address will be.

I used the “getaddressesbyaccount” to determine which addresses were included in that account, and luckily the command returned only two addresses, one of which I had received most of my NOBL into.  I then used the "sendfrom" command to transfer the NOBL to the burning address, and the transaction included a plethora of input — of which the majority involved one of the two addresses.

Of course, you can “setaccount <noblecoinaddress> <account>” to a freshly named account with a virgin address, transfer all your NOBL to that “noblecoinaddress” and then “sendfrom” that account, but then the whole procedure gets unnecessarily complicated.

Cheers.

Another idea to differentiate could be to inform Rofo beforehand what time you are going to send your money or to add some dust to your transaction.

[Hueristic]

Is there a Noxt-NXT on a exchange? I see the one in the wallet but I have no reference to go by and I'm not going to calculate Noxt to btc, nxt to btc to compare every time.

[kseistrup]

Is there a Noxt-NXT on a exchange? I see the one in the wallet but I have no reference to go by and I'm not going to calculate Noxt to btc, nxt to btc to compare every time.

I guess this is the closest you can get now, but the liquidity sucks: https://trade.secureae.com/#6780060819348751348

[Hueristic]

Is there a Noxt-NXT on a exchange? I see the one in the wallet but I have no reference to go by and I'm not going to calculate Noxt to btc, nxt to btc to compare every time.

I guess this is the closest you can get now, but the liquidity sucks: https://trade.secureae.com/#6780060819348751348

Thanks for that.

[mr.coinzy]

Sent a PM