NXT :: descendant of Bitcoin - Updated Information

[chanc3r]

If NXT keeps on growing this fast then all the Raspberry Pis will be sold out in a few months just like ATI Radeon 7950, mark my words! Well anyway I just ordered 5, can't wait to get them running 

But how do you plan to make money with them?

Yes please explain...
If I have 50k NXT and I put them in one account then my chances of forging a block are 0.005%, if I split this across 10 accounts logged in with 10 Pi then I have 10 x 0.0005% chances of forging a block - is that right?

Isn't that the same chance?
So why would I spend the money on more H/W - why wouldn't I buy more NXT?

There is a lot of talk about people buying and setting up PIs on here so could someone please explain?

Thanks

Raspberry Pis are a cheap way to stand up lots of new nodes fast to stabilize the network from DDoS attack more so than using them for forging new NXT coins.

I guessed as much - I'm running 3 nodes to do my small part to help... I just wonder if some people will mistakenly buy PIs thinking they are mining machines for NXT - which it is clear they are not and they would have been better increasing their stake... Of course if they want to buy 5 or 10 PIs to help the network that is fine but are they clear it won't help them get more NXT unless someone is paying them to do it of course.

[mcjavar]

My wife´s sister decided to try out nxt after I told the family about it. I´ve already sent her some, but I thought I will ask you guys for some more if you could send her, to show her how this community works. We don´t want a cock party here, am I right?
(my wife already invested some money into nxt, hehe)

5785230256398513539

[ZeroTheGreat]

Edit: the "mining" mentality is a weird mindset.

No, it's not. People love fast profits and such thing easily clouds mind far away from seeing long-term scenarios. Absolutely normal.

[mcjavar]

So why would I spend the money on more H/W - why wouldn't I buy more NXT?

Basically, the more sound the network is, the more value it represents.
If the NXT has more value, because the tech behind it is more trustworty, 10 NXT could easily be worth more than, say, 100 NXT.

You could basically own ALL NXT and still have nothing, because no one places value on it, or you could own a few that are worth loads.

So, spending money on hardware is an investment in the value of the NXT.

Edit: the "mining" mentality is a weird mindset.

That´s why I also ordered PIs to support he network, as it is also in my interest to help nxt succeed.

[davethetrousers]

Idea: a mechanism that pays nodes automatically just for being up. Like an automatic, rearming faucet. People would be paid just for running devices, regardsless of type.

With some cross checking, denying cheaters should be doable, e.g. only considering unique IPs and nodes that are uploading at least now and then.

[BitcoinForumator]

What I don't understand about forging is this:

where do the NXTs for the forgers come from? Are they taken from the non-forgers?

If there are 1B NXT total, and if someone forges (expects an increase)...from where?

[gbeirn]

What I don't understand about forging is this:

where do the NXTs for the forgers come from? Are they taken from the non-forgers?

If there are 1B NXT total, and if someone forges (expects an increase)...from where?

Transaction fees, every transaction  must pay to use the network. Same as in any other crypto. NXT is now exactly what bitcoin will be in 100 years. Except bitcoin won't survive that long

[ZeroTheGreat]

Wanna repeat: don't invest more than u can afford to lose. And if u, %username%, just starting an investor career, divide your expectations of acceptable lost part of capital by 10!

Manage risks, use diversification. Live long and prosper  

[wakasaki808]

What I don't understand about forging is this:

where do the NXTs for the forgers come from? Are they taken from the non-forgers?

If there are 1B NXT total, and if someone forges (expects an increase)...from where?

The forges come from the Transaction fee's. The reason why many of the NXT blocks are empty is because NXT needs more trading to occur for more blocks with values to occur.

Every coin will transition to this at a certain point (as long as they don't have infinite coins).

Also because someone sent NXT to the genesis block, a few thousand NXT has been destroyed. So we are around 999M NXT

[mcjavar]

I would reserve every 10th blockgeneration right to the public nodes (every node has the same chance to generate a block), encouraging them to be up an running. If a public node is up and running AND an account is open on that node, it should have the right to earn some transaction fees (even if it´s empty - due to security reasons I wouldn´t leave my wallet open on a node where all my nxts are in)

Just my 2 nxts.

What do you think?

[MrMochi]

sent, enjoy

Received, wonderful.
Once my coins arrive I shall send you back double.
Have at you!

In the meanwhile I'll look for that raspberry pi laying around.
And put up an extra node.

[ZeroTheGreat]

Idea: a mechanism that pays nodes automatically just for being up. Like an automatic, rearming faucet. People would be paid just for running devices, regardsless of type.

With some cross checking, denying cheaters should be doable, e.g. only considering unique IPs and nodes that are uploading at least now and then.

Called forging (forging pools in future may be)  Equlibrium under construction.

[mcjavar]

Wanna repeat: don't invest more than u can afford to lose. And if u, %username%, just starting an investor career, divide your expectations of acceptable lost part of capital by 10!

Manage risks, use diversification. Live long and prosper  

buy high, sell low, yeeha!

[ferment]

Raspberry Pis are a cheap way to stand up lots of new nodes fast to stabilize the network from DDoS attack more so than using them for forging new NXT coins.

I guessed as much - I'm running 3 nodes to do my small part to help... I just wonder if some people will mistakenly buy PIs thinking they are mining machines for NXT - which it is clear they are not and they would have been better increasing their stake... Of course if they want to buy 5 or 10 PIs to help the network that is fine but are they clear it won't help them get more NXT unless someone is paying them to do it of course.

They are cheap way to always keep 1 node unlocked without messing with your primary computer. They would also be a cool way to have secure remote access to NXT.

[BitcoinForumator]

Start using "my 2 nxts" (instead of btc, cents)...evangelize, advertise

[Damelon]

Edit: the "mining" mentality is a weird mindset.

No, it's not. People love fast profits and such thing easily clouds mind far away from seeing long-term scenarios. Absolutely normal.

I'm not saying it isn't understandable. I've been known to go for "$$$$ by sitting on your butt!!!" schemes  

"Weird" includes me, too. That doesn't mean it shouldn't be pointed out, once in a while  

[ZeroTheGreat]

The reason why many of the NXT blocks are empty is because NXT needs more trading to occur for more blocks with values to occur

Don't turn Nxt into something personalized-thing, reason: low tx-activity and that's all  

[ferment]

Even more nodes deployed!

Just deployed 10 nodes to London! That's node61-node70.

That's 71 nodes in 7 different geographic locations!

Up nxt: TOKYO! Ii desu yo!

Status

Nodes deployed: 71
Nodes queued: 22

Data centers: Atlanta, Dallas, Chicago, Northern VA, Hong Kong, Sydney, London

Sponsorship

Since the last update I have received 31500 NXT for 10.3 more nodes until the end of March! Thank you!

To reach the goal of 100 public nodes by Jan 3, we need only 19500 nxt! So close! To support increased network robustness, please send 3000 nxt to 11243542237777034551 to sponsor a node until the end of March. Vanity nodes are available for 4500 nxt with your own hallmark and name.

Thank you to everyone working so hard to help NXT be a success.

[wakasaki808]

The reason why many of the NXT blocks are empty is because NXT needs more trading to occur for more blocks with values to occur

Don't turn Nxt into something personalized-thing, reason: low tx-activity and that's all 

Wasn't really sure what you said...

but okay

[gbeirn]

Even more nodes deployed!

Just deployed 10 nodes to London! That's node61-node70.

That's 71 nodes in 7 different geographic locations!

Up nxt: TOKYO! Ii desu yo!

Status

Nodes deployed: 71
Nodes queued: 22

Data centers: Atlanta, Dallas, Chicago, Northern VA, Hong Kong, Sydney, London

Sponsorship

Since the last update I have received 31500 NXT for 10.3 more nodes until the end of March! Thank you!

To reach the goal of 100 public nodes by Jan 3, we need only 19500 nxt! So close! To support increased network robustness, please send 3000 nxt to 11243542237777034551 to sponsor a node until the end of March. Vanity nodes are available for 4500 nxt with your own hallmark and name.

Thank you to everyone working so hard to help NXT be a success.

Yay! Thanks! Keep up the good work!