NXT :: descendant of Bitcoin - Updated Information

[utopianfuture]

Cfb, did nexern get paid for making the client ? can't afford for him to quit his work for NXT now.

He is not paid. He posted his address for donations but I bet noone noticed that except me.

If he already have several million of NXT, then we are fine but I doubt he has that much. I tried to push some big holders to have a a certain bounty for him. But no guarantee at the moment.

[Come-from-Beyond]

That is ridiculous.  Have you or BCNxt offered to pay him?

BCNext is planning to spend some unclaimed coins to push development of clients for different platforms. Nexern is supposed to get something just like the other guys who develop something for Android and iPhone. But I wouldn't rely on unclaimed coins, not too much left.

[BloodyRookie]

Is there any news concerning Drexme?

[marcus03]

I've ordered a Pi and will set it up by the end of the year to have it run NXT 24/7.

Just made it by the end of the year. So far, it seems to run fine with 0.4.8.

I can no longer find the info on how to make it a public node. I get a new IP every 24 hours. I already setup port forwarding for TCP 7874 from Internet to the RPi. Anything else I need to do?

My next project: Client with a focus on exploring the block chain and markets (dgex for now). (It'll be for Windows only.)

[ninjaboon]

Can someone explain why peercoin is surging on coinmarketcap.com while NXT is not?  LOL, how can people invest into rubbish like peercoin and Quark?

I don't think Peercoin (PPC) is rubbish. It's a POW/POS coin and you get 1% interest per year.
http://www.cryptocoincharts.info/#jump-ppc-btc

[jl777]

CfB,

The valuation of 1BTC = 47.62 NXT is purely based on scarcity of each as a ratio.
The reason it is not there yet is due to premium BTC gets for being BTC and discount NXT has due to it not being accepted by the public. It would be much lower if it were not for the premium NXT has due to it being NXT!

Even assuming NXT won't get a premium because of all its advantages, the primary differentiating advantage that it is the ONLY crypto that pays dividends. This does not matter so much when there are only two ways to generate transaction fees, but if we end up having daily referendums on whether to vote or not, the velocity of NXT could increase dramatically and this will boost the dividend ratio.

Still working on how to tie in future cashflows of NXT to specific dollar value. Have a few ideas on how this can be achieved to create valuation floors each time NXT doubles in highest market price. Kind of like mining difficulty increases each time a certain block is hit, the floor value of NXT will be increased each time it hits a new market high, as long as there is enough liquidity in that new high price and we have a significant enough percentage of NXT holders commit to a NXT buyback. Eg, sell NXT at high price and then commit to repurchase NXT, if it ever goes to 50% of that price.

This effectively creates a floor in the cash value of NXT, eg. NXT/USD price. Then I can integrate the future forging revenues to have a different multiplier for differnent time horizons. Multiply that by floor cash value to create a lower bound on NXT valuation.

So, if we can get 50% of NXT holders to sign up for this sell high, commit to buy low plan, nexern can update the blockchain website with an estimated cash value for NXT. Apply the then current NXT/BTC rate to get an estimated NXT/BTC fair market value rate.

If we can use the community fund to payout its forging output to NXTcompanies (peer teams) based on transaction fees generated (allocated by peer voting!), we will have a decentralized mechanism that will maximize the future forging revenues, which maximized NXT valuation.

As soon as we get several hundred thousand NXT users, I imagine the discount of not being BTC will be balanced by the premiums from being NXT, so the 47:1 ratio

As soon as people realize that NXT automatically issues dividends and reinvests it in itself so that compound interest kicks in AND that there are thousands of actively working people boosting the future forging revenues, the price of NXT will decouple from BTC. Basically, when the calculated future forging revenues multiplied by the price floor exceeds the 47:1 ratio, NXT will not be tethered to anything except the number of NXT users.

I have not figured out the percentage of GDP we get per new person that uses NXT, but ultimately NXT valuation will be tied to the number of active users and the percentage of their economic activity that is done within NXT, eg. NXTGDP. Will 1% of the people use NXT for 10% of their spending? if so that means 0.1% of world economy will be NXTconomy when we get ~70 million NXT users.

I think world economy is in the hundred trillion dollar range, so that would give NXT a reasonable market cap of hundred billion, eg. 5NXT = 1 BTC

James

[jl777]

Peercoin might 1% interest, but doesn't it create 1% inflation by issuing new coins to issue the 1%. Also as it is mined that dilutes value so inflation rate seems to be much more than 1%

1% interest minus 1%+ inflation is negative interest and makes peercoin a depreciating asset. I could be wrong about peercoin as I have not studied it in depth, looking forward to hearing from someone who understands it better

NXT pays positive dividend, no inflation. big difference

James

[utopianfuture]

I've ordered a Pi and will set it up by the end of the year to have it run NXT 24/7.

Just made it by the end of the year. So far, it seems to run fine with 0.4.8.

I can no longer find the info on how to make it a public node. I get a new IP every 24 hours. I already setup port forwarding for TCP 7874 from Internet to the RPi. Anything else I need to do?

My next project: Client with a focus on exploring the block chain and markets (dgex for now). (It'll be for Windows only.)

Great news. The more projects, the better for the future of NXT.

[pinarello]

NEW !

24/7 help desk created.

for all problems with the client ask your questions there.

https://nextcoin.org/index.php/board,46.0.html

Still volunteers welcome to work around the clock (pm pinarello)

AND HAPPY NXT YEAR TO ALL!

Pin

[brooklynbtc]

will nxt be more as a payment system?

Yes, someone already registered skynxt alias, or something like that

me.

[NxtChoice]

Peercoin might 1% interest, but doesn't it create 1% inflation by issuing new coins to issue the 1%. Also as it is mined that dilutes value so inflation rate seems to be much more than 1%

1% interest minus 1%+ inflation is negative interest and makes peercoin a depreciating asset. I could be wrong about peercoin as I have not studied it in depth, looking forward to hearing from someone who understands it better

NXT pays positive dividend, no inflation. big difference

James

Peercoin is great hybrid PoW/PoS model system. You are right, 1% interest makes the system inflation, but Peercoin tx fee is destroyed, which deflates the system, so it seems to be a complex dynamic system. On the other hand, PoW can be though as the coin distribution process, and in the long term PoS will dominate the system.

The Peercoin forum: www.peercointalk.org

[jl777]

For those of you who think having NXT buyback plan is somehow wrong, I say that is how a lot of major corporations manage their stock price. Ever heard of stock buyback programs?

As a community, we don't want to have large volatility. A certain amount is unavoidable, but if we as a community can create a floor that continues to move up as valuation and market price moves up, then I (and many others) will be able to attract large value investor money into NXT. I am also working on a plan to allow for off book block transactions of NXT. This way a founder can move 1 million NXT without changing the market price at all.

We do need to have some organization layered on top of the wonderful chaos to make sure that the most significant producers are properly rewarded. I trust in math. We can count each feature's transaction fees. We can allocate who contributed to generating those transaction fees by extra work on top of core devs. Each feature oriented group gets allocated a prorata amount of NXT from community fund forging. Peer group can vote on the percentage of allocated NXT each contributor should get.

NXT is for intelligent investors
NXT pays dividends
NXT community increases dividends

1NXT == 1BTC is the possibility here. I have a plan to achieve this. I have described it. With just a small overlay to the current pure chaos, we can have this.

James

[Come-from-Beyond]

From http://nxtcrypto.wikia.com/wiki/Nxt_History:

asktom.cf member BCNext creates a forum thread announcing Nxt, and asking for donations of Bitcoin to help fund development of the cryptocurrency.

This is not true, coz he asked for tiny amounts to decide how to split the stake. Development funding is a side-effect. Someone should fix Wiki.

[landomata]

@James


Whats is your current thinking on the NxtAlias Company idea you proposed yesterday?

[jl777]

regardless of whether peercoin can prove that it isn't a depreciating asset (doubtful), I don't think it can be extended beyond its current payment system feature.

Comparing peercoin to NXT is like comparing a compuserve-clone to the internet. Comparing bitcoin to NXT is like comparing compuserve to the internet, except the internet pays dividends and compuserve doesn't

James

P.S. for those who don't know about compuserve http://en.wikipedia.org/wiki/CompuServe

[opticalcarrier]

NRS 0.4.8 is ready and can be downloaded from:

http://info.nxtcrypto.org/nxt-client-0.4.8.zip

sha256: ec7c30a100717e60d8abe50eedb23641952847d91ff90b9b05a74ff98d8a4cf2

From now on I will also be posting the latest version number and sha256 as the value of NRSversion alias on the blockchain: https://localhost:7875/nxt?requestType=getAliasURI&alias=nrsversion

Change log:

- Added Transparent Forging, will be turned on at block 32000.
- Memory leak fixed.
- Send money from the browser now also asks for the secret phrase.

There is only one new parameter in the web.xml, myPlatform. It is used to announce your platform - PC, Mac, Raspberry, NeXTstation, VAX, zombie...

The zip file does not contain blocks.nxt and transactions.nxt. Make sure you preserve your own *.nxt files before upgrading!

Can we please have it also as latest.zip symlinked there, so that users always know how to download the latest.

Starting to deploy now.

yes we are working on this, and a common naming system for archived versions, across all the .nxtcrypto.org sites

[bitcoinrocks]

I just updated 2 out of my 3 public nodes to 0.4.8 and both are stuck on block zero.  What should I do?

[ferment]

Can we please have it also as latest.zip symlinked there, so that users always know how to download the latest.

Starting to deploy now.

Something like this works...

nxt:nrsdownload

http://22k.io/nrsdownload

Alias can be checked too:
http://22k.io/nrsdownload/info

[jl777]

Well, for the NXTalias company we have wesleyh and I am sure others now who feel deserving of a share of the NXTalias pie.

aldrin has pledged his 1% stake's forging output. This is such a fantastic thing that it makes all of this possible.

to make this more real, we need to have the following:


a) Calculation of total forging revenues based on NXT pledged to community fund. This acts as a surrogate of pooled mining, instead people contributed to increasing transaction fees and get a prorata share of big NXT pool

b) percentage distribution of a) for each different method of transaction fee generation. I think right now it is sending fees and alias fees.

c) Nomination of people who should split up the allocation of b)

d) peer voting of all properly nominated people in c) to determine each person's share. Eg. each person has a fixed number of points they can give to each other person other than themselves. Tally up each person's total to get their percentage of the NXT.

In math we trust.

I will be happy to be arbiter for whatever issues require arbiting. As long as the voting is by public post, it will eliminate collusions and we all know who the heavy lifters are.

James

P.S. I think someone in the NXTIPO company should do most of the above as the NXT represents profits directly attributable for a group and makes an excellent starting point for company profit reports which allow for investor valuation of NXTcompanies in general. Maybe each NXTcompany would allocate some percentage of their NXT to the NXTIPO company for this?

[Come-from-Beyond]

I just updated 2 out of my 3 public nodes to 0.4.8 and both are stuck on block zero.  What should I do?

Add more well-known peers. And next time don't delete *.nxt.