NXT :: descendant of Bitcoin - Updated Information

[salsacz]

People crying that with PoS you make little money forging don't realise that your ROI as a particular in PoW mining usually is -50%.

You shoould tell them that the main advantage of PoS forging is that you're guaranteed to not lose anything (also you won't get high profits). Instead in PoW you're guaranteed to being fooled by the ASIC sellers...

I think we should make a list with the ROI you get if you buy PoW rigs to show all the new people how they will lose money.

I will! (tell)

[BitAddict]

Should i join a forging pool? at my current amount i won't ever get anything lol

Hi, there will be advanced options where you can lend your Nxt to a forging pool without the Nxt ever having to leave your account.  At this point, don't send your Nxt to any account claiming to be a pool.

damn that actually sounds amazing.. does anyone know what the founders typically get per day forging?

You get about 1NXT/24h per 100,000 NXT. You will realise no one will get rich forging, the main point is securing the network for your own benefit.

[Damelon]

Should i join a forging pool? at my current amount i won't ever get anything lol

Hi, there will be advanced options where you can lend your Nxt to a forging pool without the Nxt ever having to leave your account.  At this point, don't send your Nxt to any account claiming to be a pool.

damn that actually sounds amazing.. does anyone know what the founders typically get per day forging?

Probably around 10-100 Nxt max

[msin]

Should i join a forging pool? at my current amount i won't ever get anything lol

Hi, there will be advanced options where you can lend your Nxt to a forging pool without the Nxt ever having to leave your account.  At this point, don't send your Nxt to any account claiming to be a pool.

damn that actually sounds amazing.. does anyone know what the founders typically get per day forging?

A lot of the stake holders don't forge, but it really depends, you can click on some of the top accounts to see what some accounts have forged in total.  Obviously there aren't a ton of transaction fees yet, but that will increase. 

http://87.230.14.1/nxt/nxt.cgi?action=34

[ZeroTheGreat]

You mentioned that PoS is not going to stay with Nxt forever.

What is coming after the Proof of Stake?

I dunno. BCNext once said that at final stage Transparent Forging would become so transparent that we wouldn't even need it.

What do you mean? To sign a block anyone'll need proof of... what? Instead of stake. Equal chances to all forgers? It'll decrease natural PoS-protection — attack'll become cheaper, won't it?

For klee:

From what I've understood the rig doesn't matter. What matters is how many coins you have in your wallet. And unless you have millions I don't think you will be forging much of anything. Please correct me if I'm wrong.

1 coin = 1 perfect rig. Almost 0 amortization, we've to keep entropy as low as possible, haven't we?

but how does rewarding the rich for being rich (Proof of stake algorithms) make any sense at all?

That's not about reward. Mining or forging needed for keeping crypto run. Reward is stimulation, forging takes so small effort, so I'd forge even for free, if it would set that way. But balances+txs+fees=0 make sense, so makes sense >0 fee to make both txs'es senders compete and avoid spam. Maybe 1 NXT soon will be too much though.

In POS they just keep generating more out of thin air. That is just ridiculous.

That's incorrect point with Nxt.

It's just not a good way of distributing value.

Do the math. For eye's estimation current distribution of wealth almost the same for bitcoiners and nxters.

Now with POScoin you acquire a 1% position in the coin the first month and basically have to do nothing to maintain that position in the future except not sell.

Valid. It's an equation: at some point big amount of coins hurting you versus potential scenarios. How much? Well, Satoshi's funds doesn't stop Bitcoin from spreading so far, so u can estimate deadly %. Even XRPs are trading, for God sake  

I'm going to have to provide value to other people in society for them to pay me it.

U can't provide value. It's generally relative thing. And PoW just getting oldtech as block's signing system: too much effort, same result.

They won't be rewarded just for owning coins either and that is also a good thing.

Excuse me? They will. If Bitcoin'll get even higher success (as u suggest — to spread the word, for myself I was going to non-profitable-Bitcoin-mining as form of supporting the idea until I read about Nxt), any holder'll become richier.

One huge thing that bitcoin has going for it is that it is already very well established.

"Outcome bias", bro. One of the cognitive ones.

And 2 cents about ROI%:
ROI% of mining PoW-currency (any) can be very high. There's already market of rigs for BTC for example. But it's not a passive income. For profitable in long-term mining u'll need or arms race (CPUs, GPUs, FPGAs, ASICs — check, what's next?   ), or coins-to-mine race (BTC, LTC, 5 more, 10 more, 50 more — check), where u've to be with or most powerful rig, and/or to be in best currency to mine at that moment. And we'll get some field of decisions (rig/coin in dynamic) for "+" ROI% of mining.

[allwelder]

With a block time of 1 min give or take 10 seconds, transactions would have to happen offline, right? I think this is possible due to proof of stake. But if this is the method behind 1,000 TPS there should be no limit to the amount of transactions per second aside from the maximum size of a block.

Theoretically, would 60k tps be possible if in the other 59 seconds 0 transactions occurred?

I don't think that there will be empty blocks in the future.

The max transactions for every block is 255, that means 255 transactions per minute,so how to realize instant transaction with more transactions ?

[bitcoinpaul]

Should i join a forging pool? at my current amount i won't ever get anything lol

Hi, there will be advanced options where you can lend your Nxt to a forging pool without the Nxt ever having to leave your account.  At this point, don't send your Nxt to any account claiming to be a pool.

Already discussed. Will maybe be implemented via account control.

Edit: Lol, too late for me. Thought it was a question...

Gn8

[pandaisftw]

Well, taking a break from the heated discussion was good: the C++ version of the New Address Format is 99% complete.

Need to port it to PHP and JS and we can roll.

Nice work!

[rriky92]

Someone here, how would be able to code a simple mass-sending client? One fix amount, sending to unlimited addresses - one recipient per line.

Code:

<form action="" method="post">
   <p>Amount: <input type="text" name="amount" /></p>
   <p>Fee: <input type="text" name="fee" /></p>
   <br>
   <p>Address:
   <textarea name="addresses" cols=40 rows=4></textarea></p>
   <input type="submit" name="submit" value="Submit" />
</form>
<?php
   if(isset($_POST['submit']) )
   {
      $array = preg_split ('/$\R?^/m', $_POST['addresses']);
      $countaddress = count($array);
      for($i=0;$i<$countaddress;$i++){
      	$array[$i] = preg_replace('/\s+/', '', $array[$i]);
      	$jsonurl = "http://localhost:7874/nxt?requestType=sendMoney&secretPhrase=SECRET&recipient=".$array[$i]."&amount=".$_POST['amount']."&fee=".$_POST['fee']."&deadline=1440";
		$json = file_get_contents($jsonurl);
		var_dump(json_decode($json));
		}
   }
?>

I did it in PHP if you want, have not tested... you have to change "SECRET" in the code with the sender passphrase  and localhost with your server maybe localhost idk

Before use it try it with maybe 2 recipient and send only 1 NXT

[PeercoinEnthusiast]

Bingo. A writer from Bloomberg wants to talk about Nxt (along with Peercoin). Constant emails, they eventually pay off.

[utopianfuture]

Bingo. A writer from Bloomberg wants to talk about Nxt (along with Peercoin). Constant emails, they eventually pay off.

You are a treasure of PR and community building effort.

[Uniqueorn]

Bingo. A writer from Bloomberg wants to talk about Nxt (along with Peercoin). Constant emails, they eventually pay off.

Nice. This is 100% true.
People underestimate the power of marketing.

[tman10]

I'm new here and been a lurker for about 3 weeks...You folks are incredible.I understand about 10% of
what you are talking about  but in that 10% I see a many great minds and very happy to be here.

A BIG THANKS !!!!

[hypersire]

Bingo. A writer from Bloomberg wants to talk about Nxt (along with Peercoin). Constant emails, they eventually pay off.

Great work PeercoinEnthusiast!

Though I'm mainly in Nxt and DVC coin now, I am still holding on to the Peercoins I bought at around 30cents  

Looking forward to hearing how the Nxt promotions go!

[PeercoinEnthusiast]

One of the things I learned early on with Feathercoin is providing value to contacts. For example, I came across a few nasty troll type reviews of a crypto service earlier today.  I emailed the company and passed on the information just as a FYI. I didn't want anything from them, I wasn't trying to push anything... I wanted to provide some value. I'd like the contacts I make know that I'm looking out for their interests as well.  

In the Peercoin community, sometimes I'll follow-up with someone that wrote about us months ago just to see if there's anything our community can do for them. It's the little things on a daily basis that make all the difference in the world in my opinion.

[loopgate88]

One of the things I learned early on with Feathercoin is providing value to contacts. For example, I came across a few nasty troll type reviews of a crypto service earlier today.  I emailed the company and passed on the information just as a FYI. I didn't want anything from them, I wasn't trying to push anything... I wanted to provide some value. I'd like the contacts I make know that I'm looking out for their interests as well.  

In the Peercoin community, sometimes I'll follow-up with someone that wrote about us months ago just to see if there's anything our community can do for them. It's the little things on a daily basis that make all the difference in the world in my opinion.

Dale Carnegie would agree with you. Thank you for your work.

[xibeijan]

How is progress with the decentralised exchange going?

[seek4dream]

I'm new here and been a lurker for about 3 weeks...You folks are incredible.I understand about 10% of
what you are talking about  but in that 10% I see a many great minds and very happy to be here.

A BIG THANKS !!!!

Totally agree. I must say Nxt community is unique.
There are so many talented guys devoted to making it better, although they are not organized by some committee or organization.  Nxt community shows how a decentralized group can function well and achieve something amazing.

[joefox]

Peek at http://wiki.nxtcrypto.org/wiki/Whitepaper:Nxt
...
No option for translation to Chinese?

I COULD flag it for translation... But I don't think it's complete enough yet, and could change a lot. Usually I wait until a page is "stable" before enabling translations, because every edit to the source language (English) invalidates the existing translations... which can get annoying for translators

Maybe I can enable translations for PART of the Whitepaper -- the sections that have been stable for a while. How's that for an idea?

[lucky88888]

What is going on with the bitcoins? Any news?