NXT :: descendant of Bitcoin - Updated Information

[CIYAM]

Why?

I am not so sure my first idea was a good one but my concern is that if most people become uninterested in forging it could make the network less resilient in the (hopefully unlikely) case of pool servers being shut down by authorities in particular.

So I am quite happy to drop that idea but I still think the problem of "penalty" needs to be considered as well as the problem of having "too much forging power" amongst a small number of pools.

[bitcoinpaul]

Below u'll find a short description of the Nxt communication system. This is the 2nd plan of our decentralization. 1st one you can find here.

hours and hours of communication

Did you ever send a copy of the signed form to Steven?

Did you fill it and sent it to Steven?

So, no, I did not send the form in to Steven.  I did not know I was supposed to.

 

[Lawmaker]

Just something that came to mind regarding the pooled forging issue.
Suppose someone leases forging power to a pool, and then forgets about it... Wouldn't he eventually own all nxt in existence? And the more it leases the lesser it would take. I'm still thinking many years but still....
I think transaction fees are ok as an anti-spam patch, but down along the road it could mean disaster...
Even when bitcoin mining won't generate any new bitcoins, someone mining and not spending bitcoins will eventually own all of them, but mining in bitcoin means power and hardware costs, while in nxt there are none or are incorporated in the forgin pool cut...
Am I missing something?

[igmaca]

I dont see how this would increase forging with smaller account. unless I am missing something.
If you have one NXT and 999,999,999 others have one nxt, your chances of forging a block are pretty small.
forging is important, it will keep the network decentralized.

The idea is simply to make it more likely that even a forging account with 1 NXT has a pretty good chance.

Why?

possibilities can not be increased but can advance fees in time 2 3 days if your rights  fees share with people who have for example 99999 nxt

in the worst case in a year and 100,000 nxt  and 1440 blocks per day
would forging 52.6 blocks per year

nearly one per week. probably every 2 3 days

[rickyjames]

to put it in numbers
Account  1900 Nxt

1440 blocs per day
1 blocs per year with 1900 Nxt
fee per bloc (For example) 100
Profit per year 5.3%
5.3% must greater than cost of maintaining the node and remain immobilized the funds (oportunity cost)

If 1 Nxt = 1 dollar

Account  with 1900 Nxt will generate 100 Nxt = 100 dollar for maintaining the node and remain immobilized the funds (oportunity cost)

Keep thinking.  You had to run this node for a year, so the 100 dollars has to cover a monthly operations cost of 100/12 = $8.33 per month

So....

IF the block you capture once a year has 100 NXT in fees in it and
IF each NXT is worth $1 and
IF your monthly hardware amortization, bandwidth costs, and electricity costs are less than $8.33 per month

Then you made a monthly profit = $8.33 - monthly server costs

Anybody out there running a VPN for less than $8.33 per month?  

I pay 20 dollar per month for 2MB VPS. Because i belive in nxt ecosystem

The quetión is whether we can increase the number of transactions per block to 100
The question is whether a 1900 nxt node will want to wait a year to forge
The question is whether the value will rise soon nxt 1 dollar
The question is profitable to keep the funds in an account standing. which is the opportunity cost

Keep thinking.  You've got $1900 in cash.  How much can somebody make per month with $1900 spent on joining a DOGE pool instead of acquiring a stake in NXT?
NXT is in competition with the real world running on a profit motive.   Believers in the NXT ecosystem are going to be running at a loss, month after month...

[CIYAM]

Suppose someone leases forging power to a pool, and then forgets about it... Wouldn't he eventually own all nxt in existence?

Not possible as no reasonable person is likely to "spend their very last NXT" on a transaction fee.

[Emule]

Below u'll find a short description of the Nxt communication system. This is the 2nd plan of our decentralization. 1st one you can find here.

hours and hours of communication

Did you ever send a copy of the signed form to Steven?

Did you fill it and sent it to Steven?

So, no, I did not send the form in to Steven.  I did not know I was supposed to.

 

THIS yes   and that salsa dud laughing all the way to bter.

community is paying that salsa dude 40K a month, without all the other gifts and bybitcoin give him another 100k for "THE POOL" but he mistakenly put it on his account

seriously guys

[opticalcarrier]

Throwing out some suggestions here on prevention of centralization due to leased forging power...

Set a hard limit on size of a pool's effectiveBalance consisting of leased power.  Maybe 5M or 10M NXT or something like that?  We may even want to set a limit to max size of a single account's effectiveBalance, such that if a single account's balance is higher than, say, 10M NXT, then its effectiveBalance is limited to 10M.  Users could then choose to split accounts and forge on different machines that would then provide a measure of redundancy.

And since these countermeasures *could* be broken via configurations of software/hardware if the pool operator or user *really* wanted to, I think we still should pursue the TF option of selecting secondary, tertiary and even 4th and 5th accounts that could quickly forge a block should higher priority accounts fail to forge in a quick manner.

[Mario123]

Shut up, Emule. You have no sense of humor. Go drink your aperitifs with your friends.

[pinarello]

Do we have an testreport from AE?

Is it ready to implement, what is the status?

Do our clients support the AE to devs satisfaction? wesleyh, marcus03, minusbalancer, etc...)

 

[igmaca]

to put it in numbers
Account  1900 Nxt

1440 blocs per day
1 blocs per year with 1900 Nxt
fee per bloc (For example) 100
Profit per year 5.3%
5.3% must greater than cost of maintaining the node and remain immobilized the funds (oportunity cost)

If 1 Nxt = 1 dollar

Account  with 1900 Nxt will generate 100 Nxt = 100 dollar for maintaining the node and remain immobilized the funds (oportunity cost)

Keep thinking.  You had to run this node for a year, so the 100 dollars has to cover a monthly operations cost of 100/12 = $8.33 per month

So....

IF the block you capture once a year has 100 NXT in fees in it and
IF each NXT is worth $1 and
IF your monthly hardware amortization, bandwidth costs, and electricity costs are less than $8.33 per month

Then you made a monthly profit = $8.33 - monthly server costs

Anybody out there running a VPN for less than $8.33 per month?  

I pay 20 dollar per month for 2MB VPS. Because i belive in nxt ecosystem

The quetión is whether we can increase the number of transactions per block to 100
The question is whether a 1900 nxt node will want to wait a year to forge
The question is whether the value will rise soon nxt 1 dollar
The question is profitable to keep the funds in an account standing. which is the opportunity cost

Keep thinking.  You've got $1900 in cash.  How much can somebody make per month with $1900 spent on joining a DOGE pool instead of acquiring a stake in NXT?
NXT is in competition with the real world running on a profit motive.   Believers in the NXT ecosystem are going to be running at a loss, month after month...

is much better nxt ecosystem.

the cost of maintaining the network is a lot more economical.

inflation is a lot smaller.

[bitcoinpaul]

emule, dump your coins please.

[Fry]

Who is currently working on the Decentralized Marketplace / Auction system?

[ChuckOne]

This guy is the ideal Nxt citizen. Although I can hardly believe anybody is forging right now to make nxt money, the fees are more about preventing
spamming. Its a tricky balance we are faced with especially at this early stage. We anticipate a robust nxt economy where hundreds or thousands
of businesses are dependent on the nxt network with our 1000 tps. [...]

Well, if you think about it, if we lower the fees --- will this gain more acceptance from businesses and community? 

Not until we make it attractive to them. They need to have very, very, very good reason for building their business on top of NXT.

The current money system is far from perfect but it works for most people.

Give me 3 reasons for the average joe/entrepreneur to join us!

[igmaca]

to put it in numbers
Account  1900 Nxt

1440 blocs per day
1 blocs per year with 1900 Nxt
fee per bloc (For example) 100
Profit per year 5.3%
5.3% must greater than cost of maintaining the node and remain immobilized the funds (oportunity cost)

If 1 Nxt = 1 dollar

Account  with 1900 Nxt will generate 100 Nxt = 100 dollar for maintaining the node and remain immobilized the funds (oportunity cost)

Keep thinking.  You had to run this node for a year, so the 100 dollars has to cover a monthly operations cost of 100/12 = $8.33 per month

So....

IF the block you capture once a year has 100 NXT in fees in it and
IF each NXT is worth $1 and
IF your monthly hardware amortization, bandwidth costs, and electricity costs are less than $8.33 per month

Then you made a monthly profit = $8.33 - monthly server costs

Anybody out there running a VPN for less than $8.33 per month?  

I pay 20 dollar per month for 2MB VPS. Because i believe in nxt ecosystem

The quetión is whether we can increase the number of transactions per block to 100
The question is whether a 1900 nxt node will want to wait a year to forge
The question is whether the value will rise soon nxt 1 dollar
The question is profitable to keep the funds in an account standing. which is the opportunity cost

Keep thinking.  You've got $1900 in cash.  How much can somebody make per month with $1900 spent on joining a DOGE pool instead of acquiring a stake in NXT?
NXT is in competition with the real world running on a profit motive.   Believers in the NXT ecosystem are going to be running at a loss, month after month...

is much better nxt ecosystem.

the cost of maintaining the network is a lot more economical.

inflation is a lot smaller.

just have to finish polishing the idea of ​​maintaining the security of the network without penalizing the cost. but this I think with all these brainstorms will be achieved

 

[salsacz]

Should Nxt support the anti SOPA activism or not?

[mthcl]

From the text by BCNext/cfb, it seems so to me. don't know about the math

We really need the math - so if we have any math guys in our community there is an opportunity for you to earn some NXT or BTC for helping out with this and some other analysis.

Can you define (in simple terms) the math model and the question about it that you need answered?  I'm a mathematician (Probability/Stochastic processes), but understand little how cryptocurrencies actually work, I have to confess that I understand almost nothing of the tech talk over here...

[ChuckOne]

I'm running 4 servers now!
But if it continues this way, may stop all!
I have more than $7000 in NXT but received 1 NXT per week after several weeks!!! It's really frustrating and community should consider it!

I know that it's about 430 peers on NXT Network now but what happening after frustration? God knows!

Network may not shape correctly and securely if this continues!

Just IMHO!

This is the PoS system. Less transactions, less fees. If you want more NXT out of your metal, promote NXT and stimulate transactions like hell.

[CIYAM]

Should Nxt support the anti SOPA activism or not?

I only speak for myself but I think it would better not to try tying the Nxt community itself to such causes (whether they be noble or otherwise) as you are always going to "turn off some potential users".

Wouldn't it be better for interested Nxt users to just form their own groups for that?

[rickyjames]

I pay 20 dollar per month for 2MB VPS. Because i belive in nxt ecosystem

The quetión is whether we can increase the number of transactions per block to 100
The question is whether a 1900 nxt node will want to wait a year to forge
The question is whether the value will rise soon nxt 1 dollar
The question is profitable to keep the funds in an account standing. which is the opportunity cost

Keep thinking.  You've got $1900 in cash.  How much can somebody make per month with $1900 spent on joining a DOGE pool instead of acquiring a stake in NXT?
NXT is in competition with the real world running on a profit motive.   Believers in the NXT ecosystem are going to be running at a loss, month after month...

is much better nxt ecosystem.

the cost of maintaining the network is a lot more economical.

inflation is a lot smaller.

I agree.
I agree.
I agree.

Believers in the NXT ecosystem are going to be running at a loss, month after month...