NXT :: descendant of Bitcoin - Updated Information

[zhangdu]

While we are still in beta test, we have a nxt gateway into ripple and already a small market in nxt using ripple wallet and its distributed servers ledger. Should be resistant to ddos

Working on trading page to simplify trading
Ripple wallet is all you need, takes two minutes

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Separately, it really bugs me that yurigeorge and the like keep saying how it is unfair about the huge gain founders made. I think the standard response to this can be improved. The key is that what the founders purchased was a promise of a new coin with no guarantees that it would even be delivered. So there are two critical factors here, first is the value of what was initially delivered and second is the discount the founders got. ANY investment gains should be based not on what the founders paid, but rather on the initial value of first release of nxt

Since lifetime future cashflow is not a useful measure of nxt value at that time, lets use a purely software development cost model. This assumes that the entire value of nxt is based on simply what it would cost to develop. I think that is a significant discount to value it at since it gives no value to any potential future of nxt

Does anybody really believe 21btc is enough to develop first version of nxt? No fair saying it was done by one person, as for all we know there were a dozen guys working on it for two years. You need to hire enough programmers, testers, etc to develop an entirely new crypto currency/system. $1 million usd would seem a bargain for this hypothetical project, and there are companies that have spent far more on much less

We can quibble about the development cost, fair enough, but using my estimated million dollar cost, the "book value" of nxt would be $0.001 and the founders purchased at a giant discount, yes, but their initial gain woild be difference between 21btc and book value. BTNext gave them a deal of a lifetime,but a million dollars split by 70 people is not the super lottery it has beem made out to be

We have " only" a 100 fold gain from book value to now, however a lot of people are missing the significance of the alias enabled release. That essentially gave nxt the functionality of namecoin, is it any wonder that it immediately reached namecoin market cap? These gains are all fair investment gains of anybody that purchased nxt, founders or early adopters. It is no surprise that this release happened, it was announced and as is the nxt tradition of delivering on its promises there shouldn't be a 99% discount on future value based on announced features

The founders got a deal of a lifetime at the beginning, then they made significant gains on top of that as the market valued nxt based on future potential, then they made more gains as namecoin functionality and market cap was achieved. My experience with founders has been unversally positive, they are generous and helpful to newbies trying to come up to speed.

Nxt is currently trading at a slight premium to namecoin, is that so crazy high? Assuming a purely market float based valuation, nxt could be at 0.01 to 0.02 btc depending on total btc mined. That assumes market values future potential of nxt the same as btc. The market is currently saying nxt potential is significantly lower than btc, if you believe the market is over valuing nxt now, wait for it to go to less than namecoin valuation.

Stop bitching about how unfair initial distrubution was, my guess is that nobody signed up for any more founders shares for a while, so they decided to move to next phase with what they had. I would have put in my 1btc had i known about it back then, but i didn't know about it. That is my responsibility. As an investor if you dont know about an investment you dont deserve to benefit from it, why do so many people feel entitled to investments they didn't even know existed or worse they knew but passed up?

James

what is your ripple gateway trust add. please! 
in my opion, ripple can do all kind of coin exchange, why people spending much time building their own web, ripple gateway should more than enough.
gateway add,please.

[dittie]

So I bought some 1600 NXT yesterday and thought it would be nice to help out the network.

Trying to setup my hallmark node on Amazon AWS, got the client running and I can connect to it its working fine. Made a new account and trying to create a Hallmark node as per http://nxtcrypto.wikia.com/wiki/How-To:CreateHallmark however when I click submit in step 3 I get the following error :

{"errorCode":7,"errorDescription":"Not allowed"}


Donations greatly appreciated : 2596754026769937107

[S3MKi]

So? You wanna to get average 1 block in 3 days or what? .

Why not?

[laowai80]

So I bought some 1600 NXT yesterday and thought it would be nice to help out the network.

Trying to setup my hallmark node on Amazon AWS, got the client running and I can connect to it its working fine. Made a new account and trying to create a Hallmark node as per http://nxtcrypto.wikia.com/wiki/How-To:CreateHallmark however when I click submit in step 3 I get the following error :

{"errorCode":7,"errorDescription":"Not allowed"}


Donations greatly appreciated : 2596754026769937107

you need to edit web.xml file and:

<param-name>allowedBotHosts</param-name>
                        <param-value>127.0.0.1; localhost; 0:0:0:0:0:0:0:1;</param-value>


replace with:

<param-name>allowedBotHosts</param-name>
                        <param-value>your home IP; 127.0.0.1; localhost; 0:0:0:0:0:0:0:1;</param-value>

to find your home ip, go to http://www.whatismyip.com/


or replace with:

<param-name>allowedBotHosts</param-name>
                        <param-value>*</param-value>

this will allow everyone to make API requests to your node.

then, of course, restart NXT.

[davethetrousers]

when I click submit in step 3 I get the following error :

{"errorCode":7,"errorDescription":"Not allowed"}

Don't create the hallmark on the public node, create it on a home client instead. You don't need to allow access then. Also, it's not 100% secure to unlock an account on a public server that's in a VPS somewhere.

When you have created the hallmark, you can then put it in the server config on the public node.

[ZeroTheGreat]

So? You wanna to get average 1 block in 3 days or what? .

Why not?

Most of blocks are empty now. Really that's the goal? OK, you'll need approximately 999 997 986/1440 = 694443 coins to forge 1 block per day. So 231481 coins to forge 1 block per 3 days (in average, read about upstrikes and downstrikes), whether block empty or not (ROI of forging not calculated).

[swansong]

mtgox - magic the gathering online exchange
dgex - dragon's den exchange

[davethetrousers]

ZeroTheGreat, remember that those are upper bounds on forge time.

A wallet that is unlocked 24/7 on an always up-to-date server will forge a block more often, because of the large portion of all NXT currently in locked accounts, lagging/stuck nodes (temporary phenomenon atm, though) etc.

[cfrm]

Anyone know why the first transfer from dgex to my account is stuck on 429 confirmations? http://87.230.14.1/nxt/nxt.cgi?action=2000&tra=13264165135217359804

[Pablito89]

Send me some NXT


17303736632265464130

nice boobs

[killver]

I really like the basic concept and nxt and I also hold some but damn the forging is not worth at all. On a side note: I hate Java so hard.

[davethetrousers]

Anyone know why the first transfer from dgex to my account is stuck on 429 confirmations? http://87.230.14.1/nxt/nxt.cgi?action=2000&tra=13264165135217359804

The confirmations count is half-broken I guess.

On my account, it still shows 20 confirmations for an older transaction, while a newer one has hundreds already.

[dittie]

when I click submit in step 3 I get the following error :

{"errorCode":7,"errorDescription":"Not allowed"}

Don't create the hallmark on the public node, create it on a home client instead. You don't need to allow access then. Also, it's not 100% secure to unlock an account on a public server that's in a VPS somewhere.

When you have created the hallmark, you can then put it in the server config on the public node.

Thanks, i did just that. It's running now, how can I see if it's actually a hallmark and everything is fine ?

[davethetrousers]

That girl totally looks like an initial stakeholder! Give me some more NXT plx kthxbai

Thanks, i did just that. It's running now, how can I see if it's actually a hallmark and everything is fine ?

If you put it in the config, and it is printed in the server startup messages, you can be sure it is hallmarked. I don't think it says so anywhere else later at runtime.

What you can do is verify your hallmark to be correct. This is possible on every accessible node: http://serverip:7874/admin.html -> Verify Hallmark

[dittie]

That girl totally looks like an initial stakeholder! Give me some more NXT plx kthxbai

Thanks, i did just that. It's running now, how can I see if it's actually a hallmark and everything is fine ?

If you put it in the config, and it is printed in the server startup messages, you can be sure it is hallmarked. I don't think it says so anywhere else later at runtime.

What you can do is verify your hallmark to be correct. This is possible on every accessible node: http://serverip:7874/admin.html -> Verify Hallmark

Getting :

{"errorCode":4,"errorDescription":"Incorrect \"hallmark\""}

When i verify.

[greyw00lf]

Anyway, original founder, please consider donating a million or so to the faucet. That way I can give out 1,000 nxt to everyone.

I don't think givng 1,000 nxt to everyone automated via the faucet would be good. One can easily create several accounts with different acc. numbers and pull everything out of the faucet. 1-5 nxt is ok i think.

If any unclaimed coins left after 3rd of Jan, ur faucet will get some of them, but u should add CAPTCHA.

CAPTCHA is a very good idea!

[greyw00lf]

I, personally, have had a positive experience with dgex.

Me too! Never had problems, only once it took more than 24h to withdraw NXTs, but that was during the first DDoS attacks.

[greyw00lf]

Thanks Pablito89 for your very descriptive howto! Anyway, there is an error i think:

Adding well know peers in your web.xml increase your chances to be on real main blockchain at any moment
...
4- find this line:

Code:

<param-name>wellKnownPeers</param-name>

5- into the following lane copy/paste the easyCopyString between <param-name>HERE</param-name>
...

shouldn't it be <param-value>?

[davethetrousers]

Getting :

{"errorCode":4,"errorDescription":"Incorrect \"hallmark\""}

When i verify.

Then it's a faulty code. Create a new one and try again.

5- into the following lane copy/paste the easyCopyString between <param-name>HERE</param-name>

shouldn't it be <param-value>?

You're right.

[Come-from-Beyond]

DGEX :: descendant of MTGOX -