NXT :: descendant of Bitcoin - Updated Information

[Alias]

Could I propose another simple but powerful feature? I already posted it in the dedicated NXT Features ¦ VOTE thread:

I would like to offer up another potentially simple to implement but extremely powerful feature:

16 Beneficiary Address : This feature allows you to define the account number/address to which your earned fees are sent. This would allow for a number of potential applications...

(i) Decentralized Forge Bank (every member of the bank performs their own forging, the transaction fees get sent to a central authority that divides the spoils which then redistributes them accordingly/proportionally)
(ii) Running your own Savings account 24/7 which sends the transaction fees to your checking account.
(iii) Donating all your transaction fees to a charity, bounty etc.

[Framewood]

I'm hoping someone can please help me.

Yesterday I tried to transfer 100,088 NTX from my first account 697109629372813510 to my second account which I just setup 11516574435181434547. The day before I tested the second account by transferring 10NXT from my original account and 10NXT from dgex and they transferred fine. When I transferred the 100,088NXT I used the correct address (I'm not a noob, I've been in IT for 28 years so I know how to copy & paste and check the address is correct) and I noticed a slight stall but thought nothing of it and the transaction went through. I had to go out so I shut down the computer and left. This morning when I looked it was not their, the address I sent to was wrong and now it is sitting in some random account I cannot get to 13643712185318669838. I'm hoping this is just a caching address or something and it will come through. Can anyone through some light on this?

I was using 0.4.4 client.
I'm now on 0.4.7e

The other strange thing is that the transaction fee is only 1 it should be 100.


http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=697109629372813510    first account

http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=11516574435181434547   second account

http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=13643712185318669838   random account

I also wanted to add if any devs are investigating any bugs, I may have had my 2 accounts open in 2 different tabs in the same browser.

[Double-Spent]

Just a friendly reminder for those that are just looking to buy NxT coins. I recommend waiting for the price to stabilize! See for yourself:

1,000,000,000 (1 billion) initial coins
73 initial adopters
so roughly 13.7 Million each (assume equal distribution)
at 21 BTC Total
0.000000021 BTC per coin

current market rate is about 0.0001 (4700x)

To those who are buying these coins now... most of the coins are being hoarded, so you can only buy them on the market for 4700x or 470,000% of what all of the 1 billion coins were paid for at genesis. And people are buying, sadly, without looking at these figures. Remember - all BILLION coins are already out in circulation, and no more will be generated. All BILLION coins were bought originally for 21 BTC in total, or about $4,000 worth.

To give you an idea, someone is selling 1.8M coins (.18% of all coins circulated, that were bought for 21 BTC) for 180 BTC. If this is an early adopter (may not be), then he would have bought the same 1.8M coins for less than .04 BTC, but now is asking 180 BTC in just 1-2 months. Also, BTC is worth 6-7 more now in USD than at genesis.

I LIKE this coin, and its potential, but I don't like the price it's at, and the greed that the price is showing. So PLEASE, stop and check the math out yourself, and ask what this coin is worth.

I recommend new NxTers to stop buying these coins so high, and bringing the price even higher. Wait for some original investors to sell and distribute, and buy them at the dip. Thank you.

NXT: 6933627427271736687

Will the source code be released to the public anytime soon?

[mr_random]

Perhaps weight votes in accordance with how much NXT is in the account.

this approach could bring us in another ethical problem ;-)
(I got your point to make it expensive to gain the vote-power via multiple accounts)

LOL.  The NXT transaction fee distribution algorithm already weights participation in accordance with how much NXT is in the account of an individual, not the sheer number of nodes being contributed by computers operated by that individual - which is far more important to the health of the NXT network.  And you talk about ethical problems applying the exact same arrangement to member voting?

Just a wry observation, I see the merit (and pitfalls) of both approaches...

A compromise could be to logarithmically weight the votes based on NXT balance. So a larger NXT balance has more of a say but not linearly more.

[Framewood]

Yes this is ok for you and me who are tech heads but what about mainstream..... mum, dad, gran aren't going to do this.

Erm, it's not thát difficult to make a long and safe password and store it safely.  

Also, just like mum, dad and gran now ask their kids (or someone else they trust) to set up their equipment, if they want to get into NXT safely, they will have to ask for help.

There is always risk involved, but there are simple ways of getting better safety. However, if they cannot, then for now, NXT and other currency online is not for them.

You'd be surprised how difficult it is, I've taught IT at university and secondary levels for over 10 years and daily I'm doing face plants.

[notsoshifty]

A compromise could be to logarithmically weight the votes based on NXT balance. So a larger NXT balance has more of a say but not linearly more.

A bit of a hassle, but couldn't a large stakeholder sidestep that (or any other method that isn't just a count of the votes) by distributing his/her coins amongst multiple accounts?

[pinarello]

In continuation of the announcement that we r looking for more Nxt core devs, there are features we r planning to implement till block 525960 (in alphabetical order):

- Alias System (done)
- Arbitrary Messages (partially)
- Asset Exchange (done)
- Distributed Computing (concept not ready)
- Distributed Storage
- Instant Transactions (requires peer review)
- Mixing Service (concept not ready)
- Multisignatures
- Service Providers
- Shrinking
- Smart Contracts (concept not ready)
- Transparent Mining (partially)
- Two-phase Payments
- Voting System
- some non-revealed features

I'd like to get ur opinions what features should be implemented in the 1st place.

Sorry for the stupid question, but where does colored coins fits in?

Pin

[Framewood]

Yes this is ok for you and me who are tech heads but what about mainstream..... mum, dad, gran aren't going to do this.

Erm, it's not thát difficult to make a long and safe password and store it safely.  

Also, just like mum, dad and gran now ask their kids (or someone else they trust) to set up their equipment, if they want to get into NXT safely, they will have to ask for help.

There is always risk involved, but there are simple ways of getting better safety. However, if they cannot, then for now, NXT and other currency online is not for them.

Please don't think this way, my generation built computers and the internet, I stated before dos. If we thought this way you would not have what we have today. This is revolutionary, in 10, 20, 30 years time this could be what everyone is transacting with.

[Damelon]

Yes this is ok for you and me who are tech heads but what about mainstream..... mum, dad, gran aren't going to do this.

Erm, it's not thát difficult to make a long and safe password and store it safely.  

Also, just like mum, dad and gran now ask their kids (or someone else they trust) to set up their equipment, if they want to get into NXT safely, they will have to ask for help.

There is always risk involved, but there are simple ways of getting better safety. However, if they cannot, then for now, NXT and other currency online is not for them.

You'd be surprised how difficult it is, I've taught IT at university and secondary levels for over 10 years and daily I'm doing face plants.

I know, I have a mum who lifted her mouse to make the arrow go "up", too

But that's exactly what I mean: for the time being, they either get help or they don't get in. I'm sure with time tools will be developed. That's the good thing about a collaborative venture

Edit: just saw your last post. I want to make clear by nó means I want to exclude anyone! I am just saying that for now, for the mainstream that you were referring to, this is way over their head. In time, there should of course be tools to make the whole thing accessible for everyone. Otherwise this whole effort is basically a futile thing.

[canuck]

A compromise could be to logarithmically weight the votes based on NXT balance. So a larger NXT balance has more of a say but not linearly more.

A bit of a hassle, but couldn't a large stakeholder sidestep that (or any other method that isn't just a count of the votes) by distributing his/her coins amongst multiple accounts?

Yes.  NXT is a proof of stake currency and holders of more NXT should certainly have more of a say in how it's to change if it should.  The largest stakeholders have the most to risk after all and so, it's just plain rational that the market would seek the greatest amount of input from those market actors if the currency is to be democratized in this way.

Arguments that amount to "it's unfair" are emotional arguments, not economic ones...generally.  The arguments that are economic that favour weighted influence to favour smaller stakeholders are simply wishful thinking when you boil them down.

[smartwart]

LOL.  The NXT transaction fee distribution algorithm already weights participation in accordance with how much NXT is in the account of an individual, not the sheer number of nodes being contributed by computers operated by that individual - which is far more important to the health of the NXT network.  And you talk about ethical problems applying the exact same arrangement to member voting?

Just a wry observation, I see the merit (and pitfalls) of both approaches...

yes,
because the decision how much  you found you account  is individual.
you can decide for your self how much risk is ok for you.
your vote is always 100% of all votes.

voting concerns a group of individuals.
your vote should represent you opinion and is only a propotional part from the final result.
with the result all have to live.

[Alias]

In continuation of the announcement that we r looking for more Nxt core devs, there are features we r planning to implement till block 525960 (in alphabetical order):

- Alias System (done)
- Arbitrary Messages (partially)
- Asset Exchange (done)
- Distributed Computing (concept not ready)
- Distributed Storage
- Instant Transactions (requires peer review)
- Mixing Service (concept not ready)
- Multisignatures
- Service Providers
- Shrinking
- Smart Contracts (concept not ready)
- Transparent Mining (partially)
- Two-phase Payments
- Voting System
- some non-revealed features

I'd like to get ur opinions what features should be implemented in the 1st place.

Sorry for the stupid question, but where does colored coins fits in?

Pin

If I'm not mistaken, the Asset Exchange is the Colored Coins feature.

[TwinWinNerD]

So I just started the german version of the WIKI.

http://nxt-de.wikia.com/wiki/NXT_Deutsch_Wiki

For now i only made the frontpage, but i plan on completing the whole wiki in time!

Donations are welcome at: 16134099701168321966


Mit freundlichen Grüßen, (haha)
TwinWinNerD

[GCInc.]

Asset Exchange (done)

Any info / instructions on the usage of the asset exchange? Thanks

[pandaisftw]

Could I propose another simple but powerful feature? I already posted it in the dedicated NXT Features ¦ VOTE thread:

I would like to offer up another potentially simple to implement but extremely powerful feature:

16 Beneficiary Address : This feature allows you to define the account number/address to which your earned fees are sent. This would allow for a number of potential applications...

(i) Decentralized Forge Bank (every member of the bank performs their own forging, the transaction fees get sent to a central authority that divides the spoils which then redistributes them accordingly/proportionally)
(ii) Running your own Savings account 24/7 which sends the transaction fees to your checking account.
(iii) Donating all your transaction fees to a charity, bounty etc.

This seems like a good idea. This could solve the problem of trusted forging. Not sure how possible it would be to implement though, because whoever is running the pool needs a way to figure out how much each person is contributing. Since you aren't constantly sending hashes to the pool, how would they know you are actually contributing instead of saying "I'm just unlucky, I never get blocks but let's share profits!"? ... I suppose the devs could create an API request so the pool owner can constantly ping to see if an account is actively forging as well as checking if it's transaction fees are pointed at the pool.

[Framewood]

Yes this is ok for you and me who are tech heads but what about mainstream..... mum, dad, gran aren't going to do this.

Erm, it's not thát difficult to make a long and safe password and store it safely.  

Also, just like mum, dad and gran now ask their kids (or someone else they trust) to set up their equipment, if they want to get into NXT safely, they will have to ask for help.

There is always risk involved, but there are simple ways of getting better safety. However, if they cannot, then for now, NXT and other currency online is not for them.

You'd be surprised how difficult it is, I've taught IT at university and secondary levels for over 10 years and daily I'm doing face plants.

I know, I have a mum who lifted her mouse to make the arrow go "up", too

But that's exactly what I mean: for the time being, they either get help or they don't get in. I'm sure with time tools will be developed. That's the good thing about a collaborative venture

Edit: just saw your last post. I want to make clear by nó means I want to exclude anyone! I am just saying that for now, for the mainstream that you were referring to, this is way over their head. In time, there should of course be tools to make the whole thing accessible for everyone. Otherwise this whole effort is basically a futile thing.

 

[smartwart]

Perhaps weight votes in accordance with how much NXT is in the account.

this approach could bring us in another ethical problem ;-)
(I got your point to make it expensive to gain the vote-power via multiple accounts)

LOL.  The NXT transaction fee distribution algorithm already weights participation in accordance with how much NXT is in the account of an individual, not the sheer number of nodes being contributed by computers operated by that individual - which is far more important to the health of the NXT network.  And you talk about ethical problems applying the exact same arrangement to member voting?

Just a wry observation, I see the merit (and pitfalls) of both approaches...

Voting System is based on number of coins, more coins = more voices. This is applied to global voting. Local voting (among asset shareholders) takes into account number of shares.
U can issue a "fake" asset and give exactly 1 share to 1 person who proves their identity by providing scanned copy of a passport (similar to KYC). Then u can do voting among "verified" accounts on whatever u want.

thx!

[S3MKi]

Not bad dgex http://87.230.14.1/nxt/nxt.cgi?action=3000&acc=6635869272840226493

[EvilDave]

Are we on page 500 yet?


**oops...just a little premature...***

[klee]

500?

Nope!