NXT :: descendant of Bitcoin - Updated Information

[bitcoinpaul]

1000 TPS is a theoretical number, in fact I'd wager that it would take at least 2 (possible more) years to have that many transactions per second. So no, you won't need 300GB available (per month).

Reaching it may be possible but to sustain it over a long period of time would be something else.

31 billion transactions if we could maintain 1000 TPS for a year.


If we every reach this level then we're on MAR!....forget MOON!

You get the causality wrong.

Let me explain:

One idea of Nxt was, theoretically, to be able to handle 1000TPS. To dethrone VISA maybe with their bullshit high fees. Some small shop owners lose 50% of there marge today because of VISA. Think about it.

Now, Nxt is the saviour. If we want to get to the Mars/Moon, there needs to be something like "well, no problem, we can easily handle 1000TPS in the future if we want. Just some coding and done". <- This maybe leads to 1000 TPS in the future -> to the mars in the future. Not the other way around.

btw visa handles 2000 TPS on average I believe.

[rickyjames]

I could state that my penis is forging too, because I leased my forging power.

Best quote in this thread. I'm gonna save it for future generations.

Once you lease your penis' forging power, you are unable to create future generations.

[Come-from-Beyond]

And even if Cryptsy adds NXT...so what?

Maybe there will be a bit more redistribution from the top owners. But so what?

NXT is still only recognized in the Crypto world which is tiny.

I wouldn't expect to become very popular among ordinary people very soon. Let's continue our expansion to the world of finance, the rest of the world won't have another option after Wall Street guys start using Nxt.

[BitcoinForumator]

And even if Cryptsy adds NXT...so what?

Maybe there will be a bit more redistribution from the top owners. But so what?

NXT is still only recognized in the Crypto world which is tiny.

I wouldn't expect to become very popular among ordinary people very soon. Let's continue our expansion to the world of finance, the rest of the world won't have another option after Wall Street guys start using Nxt.

Well I like it that you have a strong and confident sense of where this is going.

[bitcoinpaul]

And even if Cryptsy adds NXT...so what?

Maybe there will be a bit more redistribution from the top owners. But so what?

NXT is still only recognized in the Crypto world which is tiny.

I wouldn't expect to become very popular among ordinary people very soon. Let's continue our expansion to the world of finance, the rest of the world won't have another option after Wall Street guys start using Nxt.

Ok. Major shift in marketing mix?

[Damelon]

I am more concerned with marketing campaigns that end up becoming a PR disaster due "ridiculously over optimistic" promises.

I agree with this completely, but it´s hard to market without making false promises if it comes out at a later stage (ie. now) that some things require much more than was initially said.

This happens, and I am aware of that, but BOY, that can blow up in our faces.

I am glad that these things are being discussed, but from my POV I would be much happier if from this point we are much more careful with promising things we won´t be able to deliver by April.

We can of course say the potential is there, and work on thát. If 100 TPS is doable, do it. Don´t aim for something that will just collapse and do so much damage to our image.
If 50 TPS is more realistic, do thát. It´s still way better than te competition.

I fear that all the claims will boomerang mercilessly otherwise.

Edit: at the moment I don´t care about Mars or the Moon, but getting a working space elevator.

Edit 2: still positive, but want to get on with realistic things instead of having to make claims that turn out to have a sting for now.

[rickyjames]

1000 TPS is a theoretical number, in fact I'd wager that it would take at least 2 (possible more) years to have that many transactions per second. So no, you won't need 300GB available (per month).

Reaching it may be possible but to sustain it over a long period of time would be something else.

31 billion transactions if we could maintain 1000 TPS for a year.


If we every reach this level then we're on MAR!....forget MOON!

You get the causality wrong.

Let me explain:

One idea of Nxt was, theoretically, to be able to handle 1000TPS. To dethrone VISA maybe with their bullshit high fees. Some small shop owners lose 50% of there marge today because of VISA. Think about it.

Now, Nxt is the saviour. If we want to get to the Mars/Moon, there needs to be something like "well, no problem, we can easily handle 1000TPS in the future if we want. Just some coding and done". <- This maybe leads to 1000 TPS in the future -> to the mars in the future. Not the other way around.

btw visa handles 2000 TPS on average I believe.

For the record, there was no "theoretically" about 1000 TPS.

What do you mean with 4.25 tps to 1000 tps?

One of the killer features of Nxt is ability to process transactions at VISA rate (thousands per second).

Btw, any ideas how much the price will rise after VCs realize that Nxt is able to process 1000+ tps? 10x is min, imho. 100x-1000x is more likely...

CfB, how could you push "1000 TPS" and "solving blockchain bloat" knowing it implied utilizing a 300 GB NXT monthly blockchain that's 20 times bigger than the one Bitcoin has right now?  Your certainty on this point was part of the reason I assumed you guys had implemented JD Bruce's finite mini-blockchain idea...  

[Hacer88]

And even if Cryptsy adds NXT...so what?

Maybe there will be a bit more redistribution from the top owners. But so what?

NXT is still only recognized in the Crypto world which is tiny.

I wouldn't expect to become very popular among ordinary people very soon. Let's continue our expansion to the world of finance, the rest of the world won't have another option after Wall Street guys start using Nxt.

Ok. Major shift in marketing mix?

The "Wall street guys" word has fallen again xD

[nakaone]

And even if Cryptsy adds NXT...so what?

Maybe there will be a bit more redistribution from the top owners. But so what?

NXT is still only recognized in the Crypto world which is tiny.

I wouldn't expect to become very popular among ordinary people very soon. Let's continue our expansion to the world of finance, the rest of the world won't have another option after Wall Street guys start using Nxt.

a simple question without being in any way offensive

just in case we get into the world of finance, what makes nxt superior to say xcp, msc, bitshares and ethereum? we cannot handle high frequency trading, the others cannot as well..

when you give proper answer to this and it is technically possbile this should definetely be the way to go.

[pinarello]

And even if Cryptsy adds NXT...so what?

Maybe there will be a bit more redistribution from the top owners. But so what?

NXT is still only recognized in the Crypto world which is tiny.

I wouldn't expect to become very popular among ordinary people very soon. Let's continue our expansion to the world of finance, the rest of the world won't have another option after Wall Street guys start using Nxt.

Ok. Major shift in marketing mix?

I hope they are still watching this thread to change campaigns

[bitcoinpaul]

CfB, how could you push "1000 TPS" and "solving blockchain bloat" knowing it implied utilizing a 300 GB NXT  blockchain that's 20 times bigger than the one Bitcoin has right now?  Your certainty on this point was part of the reason I assumed you guys had implemented the finite mini-blockchain...  

Well, we have to admit that 1000TPS is still possible. For 1000TPS, 300GB blockchain is, maybe, freaking small. Don't you think?

We just have to adjust marketing stuff like "smartphone forging", "RaspPis secure nxt network" (only working with less TPS) and so on.

[landomata]

You get the causality wrong.

Let me explain:

One idea of Nxt was, theoretically, to be able to handle 1000TPS. To dethrone VISA maybe with their bullshit high fees. Some small shop owners lose 50% of there marge today because of VISA. Think about it.

Now, Nxt is the saviour. If we want to get to the Mars/Moon, there needs to be something like "well, no problem, we can easily handle 1000TPS in the future if we want. Just some coding and done". <- This maybe leads to 1000 TPS in the future -> to the mars in the future. Not the other way around.

btw visa handles 2000 TPS on average I believe.

My thinking is clear on this....why?

1) 70% of the world doesn't use VISA but they use MONEY.

2) 70% of the world will have a smartphone by 2015.

3) Smartphone processing speed and storage work to Moore's law.


The above point should give the proper perspective.

[pinarello]

[BitcoinForumator]

[CIYAM]

Well, we have to admit that 1000TPS is still possible. For 1000TPS, 300GB blockchain is, maybe, freaking small. Don't you think?

Maybe it is or maybe it isn't (still not quite clear to me) but do we really *need* to be marketing this angle *now*?

[rickyjames]

Well, we have to admit that 1000TPS is still possible. For 1000TPS, 300GB blockchain is, maybe, freaking small. Don't you think?

I have no idea.  I just know I'd rather have somebody in this thread educate me with a discussion of this topic instead of Turing complete languages.

[Vega]

Well, we have to admit that 1000TPS is still possible. For 1000TPS, 300GB blockchain is, maybe, freaking small. Don't you think?

Maybe it is or maybe it isn't (still not quite clear to me) but do we really *need* to be marketing this angle *now*?

We really not. What we need is developers with some focus. Devs with vision is nice, but this is a clusterfuck.

[CIYAM]

I have no idea.  I just know I'd rather have somebody in this thread educate me with a discussion on this topic instead of Turing complete languages.

I think it would be better not to be marketing about 1000+ TPS and CfB seemed to agree that "even 100 TPS would be very good".

Bitcoin can only "theoretically" handle 7 TPS *now* so if Nxt is able to do more than 10x that I think it will be "good enough" for at least a year (and would still put it well in front of the competition).

[Jean-Luc]

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

Release 0.5.12

http://download.nxtcrypto.org/nxt-client-0.5.12.zip

sha256: 30856c5f76b4194d40ece68d480956999ff8072b7b6a78b0be7d9da535dc969a

Change log:

Fixed a critical bug. Everybody should upgrade immediately.


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[Damelon]

Well, we have to admit that 1000TPS is still possible. For 1000TPS, 300GB blockchain is, maybe, freaking small. Don't you think?

Maybe it is or maybe it isn't (still not quite clear to me) but do we really *need* to be marketing this angle *now*?

As an "average" user, I cba about 1000TPS at this moment.
It´s a nice number I suppose, but the thing we marketed is basically "faster than BTC and doable for everyone".

If we can satisfy both of these with lower specs, I would be happy.

Of course there will be some sneering from people, but f*ck ´em if we still deliver the above and work from there.