NXT :: descendant of Bitcoin - Updated Information

[joefox]

Can we get a talk page created for the whitepaper please? It says I don't have permission to create the discussion page. Would be helpful to talk about what to include and what not to. Thanks!

Talk page for http://wiki.nxtcrypto.org/wiki/Whitepaper:Nxt has been created.

I'm sorry for the "locked-down" nature of the wiki.  It's not meant to be a barrier to entry, but I ran into problems last week because most of the tools I want to use to combat wiki-spam are NOT compatible with the tools that allow nifty in-place translations.  The only way around it was to set up gentle moderation.  I promise that anyone who asks for edit access will have it.  Create an account and then send me a note via http://wiki.nxtcrypto.org/wiki/Special:Contact and I'll add you to the correct user group.

Finally: I want to extend a warm thanks to folks who are sending in tips for the setup and operation of the wiki.  It's deeply appreciated, and I'm very glad to help.  The Nxt community is really terrific.

[utopianfuture]

btw our lady QTBC sent me the statistics of our homepage http://www.nxtcrypto.org/share/IMG_0240.PNG

coinmarketcap rulez, but also this article with my video http://www.cryptocoinsnews.com/2014/01/08/nxt-official-launch-nxt-generation-cryptocurrency-begins-now/

Interesting. But it looks like the interest has tapered off a bit after our official launch on January 3.

[kavin2468]

This might be a stupid question but...is there a way to tell how much NXT there is running among the online nodes and how much NXT in transaction fees is actually circulating? I am trying to figure out how much my NXT will forge for me and although I don't have millions of it I was looking forward to SOME kind of return. I have been funded for a little over an hour I would say and I know I need to wait longer but I would like to at least get an idea to I know what kind of return to expect.

Thanks to anyone who can help edumacate me!

[ricot]

This might be a stupid question but...is there a way to tell how much NXT there is running among the online nodes and how much NXT in transaction fees is actually circulating? I am trying to figure out how much my NXT will forge for me and although I don't have millions of it I was looking forward to SOME kind of return. I have been funded for a little over an hour I would say and I know I need to wait longer but I would like to at least get an idea to I know what kind of return to expect.

Thanks to anyone who can help edumacate me!

The network is currently generating some 700ish blocks per day, out of 1440 which it would, if all accounts forged. So the forging amount should be somewhere in the range of 50%, i.e. 500M NXT.
Meaning, approx., with 1M you would generate every 500th block, so a little more than 1 per day on average.

[edit]
New accounts can start forging 1440 blocks after the first transaction to that account.
About a third of the blocks have fees, and the fees are usually single-digit.

[kavin2468]

This might be a stupid question but...is there a way to tell how much NXT there is running among the online nodes and how much NXT in transaction fees is actually circulating? I am trying to figure out how much my NXT will forge for me and although I don't have millions of it I was looking forward to SOME kind of return. I have been funded for a little over an hour I would say and I know I need to wait longer but I would like to at least get an idea to I know what kind of return to expect.

Thanks to anyone who can help edumacate me!

The network is currently generating some 700ish blocks per day, out of 1440 which it would, if all accounts forged. So the forging amount should be somewhere in the range of 50%, i.e. 500M NXT.
Meaning, approx., with 1M you would generate every 500th block, so a little more than 1 per day on average.

[edit]
New accounts can start forging 1440 blocks after the first transaction to that account.
About a third of the blocks have fees, and the fees are usually single-digit.

So when you generate a block do you take ALL of the transaction fees? And when you say single digit, do you mean that, according to the above scenario, the person with 1M NXT will forge less than 10 NXT in transaction fees daily IFF he hits a block with transaction fees at all? That sounds...pretty brutal.

[bitcoinpaul]

Why do some transactions, which are a week old, have only 3 confirmations (other 400, and other 2000)? And how many confirmations are needed to be 'safe'?

[mr_random]

NEW EXCHANGE

http://www.newaltex.com/


pIN

That site has a gaping security hole. Funds deposited will not be secure. Someone contact the developer and I will tell him.

Hello,

Please email me or send me a private message regarding the security hole.

admin[at]newaltex.com


Thank you

Pm'd.

[ricot]

This might be a stupid question but...is there a way to tell how much NXT there is running among the online nodes and how much NXT in transaction fees is actually circulating? I am trying to figure out how much my NXT will forge for me and although I don't have millions of it I was looking forward to SOME kind of return. I have been funded for a little over an hour I would say and I know I need to wait longer but I would like to at least get an idea to I know what kind of return to expect.

Thanks to anyone who can help edumacate me!

The network is currently generating some 700ish blocks per day, out of 1440 which it would, if all accounts forged. So the forging amount should be somewhere in the range of 50%, i.e. 500M NXT.
Meaning, approx., with 1M you would generate every 500th block, so a little more than 1 per day on average.

[edit]
New accounts can start forging 1440 blocks after the first transaction to that account.
About a third of the blocks have fees, and the fees are usually single-digit.

So when you generate a block do you take ALL of the transaction fees? And when you say single digit, do you mean that, according to the above scenario, the person with 1M NXT will forge less than 10 NXT in transaction fees daily IFF he hits a block with transaction fees at all? That sounds...pretty brutal.

Yep, that's what it is...
You can get a lot of such statistics here: http://87.230.14.1/nxt/nxt.cgi?action=40

[jl777]

This might be a stupid question but...is there a way to tell how much NXT there is running among the online nodes and how much NXT in transaction fees is actually circulating? I am trying to figure out how much my NXT will forge for me and although I don't have millions of it I was looking forward to SOME kind of return. I have been funded for a little over an hour I would say and I know I need to wait longer but I would like to at least get an idea to I know what kind of return to expect.

Thanks to anyone who can help edumacate me!

The network is currently generating some 700ish blocks per day, out of 1440 which it would, if all accounts forged. So the forging amount should be somewhere in the range of 50%, i.e. 500M NXT.
Meaning, approx., with 1M you would generate every 500th block, so a little more than 1 per day on average.

[edit]
New accounts can start forging 1440 blocks after the first transaction to that account.
About a third of the blocks have fees, and the fees are usually single-digit.

So when you generate a block do you take ALL of the transaction fees? And when you say single digit, do you mean that, according to the above scenario, the person with 1M NXT will forge less than 10 NXT in transaction fees daily IFF he hits a block with transaction fees at all? That sounds...pretty brutal.

Yep, that's what it is...
You can get a lot of such statistics here: http://87.230.14.1/nxt/nxt.cgi?action=40

Current yields on NXT is less than 1% per year, around half percent per year. However, there are only two mechanisms to generate transaction fees now. In a few months, I expect the yield to go up significantly. Keep in  mind the yield on all other cryptos (including BTC) is 0%. Peercoin has 1%, but it also has inflation of around 1%, so inflation adjusted is around 0%. I might be wrong on peercoin, but I think the net yield for peercoin is close to 0%

Very early days for NXT. Very early days

James

[bitcoinpaul]

Why do some transactions, which are a week old, have only 3 confirmations (other 400, and other 2000)? And how many confirmations are needed to be 'safe'?

This for example:

http://87.230.14.1/nxt/nxt.cgi?action=2000&tra=9128967358451728434 (from dgex to an user #account)

[ricot]

Why do some transactions, which are a week old, have only 3 confirmations (other 400, and other 2000)? And how many confirmations are needed to be 'safe'?

This for example:

http://87.230.14.1/nxt/nxt.cgi?action=2000&tra=9128967358451728434 (from dgex to an user #account)

That is just an error in displaying it.
You can click the "next block" link and see that there are a lot of next blocks, that is, a lot of confirmations.
10 confirmations is generally considered safe.

[bitcoinpaul]

So this an error of the blockchain explorer?

[bitcoinpaul]

I just posted a proposal to fix the account number typo-problem over at the official forums:
https://forums.nxtcrypto.org/viewtopic.php?f=17&t=524 <- making NXT account numbers awesome!

What do you think about that?

Nice idea. Didn't CfB (or someone else?) mumbled something about "in the future we can make great things with account numbers" which would mean, a big adoption rate of your idea would interfere with this "great things"? Damn, can't find the post... and no clue what it meant...

[ricot]

I just posted a proposal to fix the account number typo-problem over at the official forums:
https://forums.nxtcrypto.org/viewtopic.php?f=17&t=524 <- making NXT account numbers awesome!

What do you think about that?

Nice idea. Didn't CfB (or someone else?) mumbled something about "in the future we can make great things with account numbers" which would mean, a big adoption rate of your idea would interfere with this "great things"? Damn, can't find the post... and no clue what it meant...

I just read the post, that such a system should be done on client side. So I designed mine to be client-side and not interfere with the NXT protocol itself.

[bitcoinpaul]

I just posted a proposal to fix the account number typo-problem over at the official forums:
https://forums.nxtcrypto.org/viewtopic.php?f=17&t=524 <- making NXT account numbers awesome!

What do you think about that?

Nice idea. Didn't CfB (or someone else?) mumbled something about "in the future we can make great things with account numbers" which would mean, a big adoption rate of your idea would interfere with this "great things"? Damn, can't find the post... and no clue what it meant...

I just read the post, that such a system should be done on client side. So I designed mine to be client-side and not interfere with the NXT protocol itself.

Of course, client side. What i meant was that this magical "great thing" would maybe don't work that great because everyone would work with the new EEC-Numbers. Na, it is probably nonsense. I can't find the post. It's probably nothing. Moving on. Too late, I'm hallucinating.

[opticalcarrier]

This might be a stupid question but...is there a way to tell how much NXT there is running among the online nodes and how much NXT in transaction fees is actually circulating? I am trying to figure out how much my NXT will forge for me and although I don't have millions of it I was looking forward to SOME kind of return. I have been funded for a little over an hour I would say and I know I need to wait longer but I would like to at least get an idea to I know what kind of return to expect.

Thanks to anyone who can help edumacate me!

The network is currently generating some 700ish blocks per day, out of 1440 which it would, if all accounts forged. So the forging amount should be somewhere in the range of 50%, i.e. 500M NXT.
Meaning, approx., with 1M you would generate every 500th block, so a little more than 1 per day on average.

[edit]
New accounts can start forging 1440 blocks after the first transaction to that account.
About a third of the blocks have fees, and the fees are usually single-digit.

can you expound on this?  are you saying that in order to hit an average of 1 block every minute for a 24 hour period, that 100% of all NXT must be unlocked and forging?  that doesnt make sense to me.  so why is it sometimes we see multiple blocks being forged in under a minute?

[jl777]

random chance
On average should be one per minute (longer now since TF isn't fully enabled), but statistical average of 1 per minute means sometimes you can get very short intervals

[salsacz]

new blog post:
Where is Nxt from Original Stakeholders?

If I look only at top 8, they started with 400 Millions, now they own 250 Millions. I am pretty sure at least half of them belong to the core developers. It is a good sign, because these people won't ruin Nxt

If I look at other 14 Stakeholders, they owned 350 Millions. Now they have 90-150 Millions! There were some big trades so I wasn't sure if it was a trade or only a transfer to the new account, but I am sure about max number!

If I look at all richest 23 stakeholders, it's: 750 Millions on 24 November 2013. And now: 345-450 Millions on 10 January 2014.

If I look at 23 richest original stakeholders, they owned 75% of all Nxt in the first day, but now they own only 34-45%. 300-400 Millions had already been sold to the new users in 6 weeks.

[salsacz]

OT: That's what I call a white paper: http://kim.com/whitepaper.pdf  

I had more than 1000 citations in my masters thesis.. this is nothing

[utopianfuture]

OT: That's what I call a white paper: http://kim.com/whitepaper.pdf  

I had more than 1000 citations in my masters thesis.. this is nothing

Yep, that's about it, but sometimes I just put the citation to make it more serious. Some very serious original articles, especially in hard science, have very few citation though.