NXT :: descendant of Bitcoin - Updated Information

[EvilDave]

I'm gonna start a game here.  Which is probably a mistake.  Play along if you like.  

This page is my

BIRTH YEAR

and blue is my favorite color.

Wow, you're pretty old. My birth year page is not for two more pages.

Easy buddy, RickyJ has been known to terminate for much less.

And I thought I was an old grumpy bastard......my birth year is gonna be in 11 pages and my favourite colour (well, the only colour) is black........

That's still pretty old for a geek. I started back in punched card days. I am ancient as far as sysadmins go.

I remember getting excited about Win 95 and our departments first ever (single-speed) cd-burner. And don't get me started on that Y2K thing....

[rickyjames]

And I thought I was an old grumpy bastard......my birth year is gonna be in 11 pages and my favourite colour (well, the only colour) is black........

Hey...who you calling grumpy?

I remember getting excited because they were gonna upgrade me at work from the original IBM PC to the IBM XT with a 20 Megabyte Winchester hard drive.  No more floppies for me!  I still had to load programs at home from cassette tape on my TRS-80...

http://en.wikipedia.org/wiki/IBM_Personal_Computer_XT

[jkoil]

Any thoughts on the value of NXT (in terms of BTC not dollars) in the intermediate future?

And as a bonus question, I personally would be surprised to see an alt, including NXT, to gain more than 1/2 the market cap of Bitcoin at any given time unless the utility of that coin became a real challenger to BTC - which I believe is a long ways off in any case. So .0125BTC seems to be a best case scenario ceiling for NXT for the longer intermediate term.

Actually, I see no reason why Nxt should be valued in BTC other than that BTC is the preferred exhange coin at the moment.
There is no reason why Nxt shouldn't be independently valued for fiat.

I have seen the calculation of 21,000,000/1,000,000,000 often and find it useless as it presupposes that Bitcoin will always be the exchange coin "in between".

That is an unsupported assumption and makes that whole calculation useless.

In answer to your other question: no idea what the valuation will be. It all depends of the value that Nxt actually will deliver to people. Looking at developments it seems likely to be in a totally different area than Bitcoin for now. I do not think Nxt will be a "buying" coin. Maybe it will be used as such for a short time, but that will change when the value rises and it will become unwieldy for such.

It's much more likely "Nxt" will become valuable as a means to "power" systems that will have such functions. As such, it's value can be immense, but it all depends on the coming months.

yea ... Only in the beginning, after the launch, that calculation can be a start, iff there is nothing else to evaluate the initial value.
After the start the value should be under the mercy of market, supply & demand
 

[Choboy]

NXT developers should prioritize a colored "gaming" coin. The gaming market is huge and there are tournaments being played all the time online for money. It would be convenient to trade with NXT instead of cash because many gamers are young and international. It will be quick to transfer money from one corner of the world to the next. I play Starcraft II and Diablo III. Starcraft 2 has tournaments all the time, and you could trade Diablo 3 items for NXT. The potential is huge!

[msin]

NXT developers should prioritize a colored "gaming" coin. The gaming market is huge and there are tournaments being played all the time online for money. It would be convenient to trade with NXT instead of cash because many gamers are young and international. It will be quick to transfer money from one corner of the world to the next. I play Starcraft II and Diablo III. Starcraft 2 has tournaments all the time, and you could trade Diablo 3 items for NXT. The potential is huge!

Get in touch with swartzfeger he's our official Nxt Gaming expert.

[chanc3r]

Reward nodes, listen to jl777, do not fuck around with forging.

+1 - but penalties and node vs node behaviour does need at least looking at for vulnerabilities.

Back to the 1st Gen/2nd Gen thing: some people have expressed the opinion that NXT should completely skip the whole idea of being a successful 1st Gen crypto (ie pay, move, store, invest) in favour of going straight to concentrating on being a 2nd Gen crypto (AE, AM, DACS, colored coins, games....etc).

Good idea but if NXT is a success as a 1st gen currency:
We will have lots of money to spend on setting up 2nd gen features/DACS.
We will have a large user base ready to invest in and adopt 2nd gen features.
We will have a much higher profile in the crypto and wider worlds.

We can't expect to just go from zero to successful 2nd gen without first succeeding as a 1st gen. I can't see it happening.....
Correct me if i'm wrong, but all other 2nd gen cryptos are either stuck in development hell or riding on the back of Bitcoin, a successful 1st gen currency.  See where I'm going with this ?

Last 1st gen vs 2nd gen point: assuming that we have 15,000 unique NXT users (number out of my head) , how many of those people are capable of doing effective development work on the 2nd gen features ?  5% ? 10% ? 20% ?
But everyone can participate in making NXT a success on the 1st gen level, simply thru marketing, encouraging adoption, and actually helping to build a 1st gen eco-system thru trading and use.

+1 If you can't demonstrate you can do the basics well (or frankly in the case of BTC A lot better!!) why would people trust you with the advanced stuff which is built on top of it.

[Sebastien256]

NXT developers should prioritize a colored "gaming" coin. The gaming market is huge and there are tournaments being played all the time online for money. It would be convenient to trade with NXT instead of cash because many gamers are young and international. It will be quick to transfer money from one corner of the world to the next. I play Starcraft II and Diablo III. Starcraft 2 has tournaments all the time, and you could trade Diablo 3 items for NXT. The potential is huge!

If there is a way to tag reputation (similar to ebay) to an asset exchange gateway. I believe that reputable gateway could act like an escrow. Trading MMORPG game items would be very interest and a lucrative business.

[ZeroTheGreat]

- and morphers says exactly about a small fee for acces to the artwork (not just information or idea). You want a free content.. good luck. But the autor of the artwork wants (and deserves) a small compensations for his work. It would be wonderful, if Nxt could help with this.

Nope, not about a small fee for access he says. For copyright - for monopoly on information itself (that almost impossible to achieve w/o strongest dictatorship). Small fee for access, but free information: pay to see, free to use what u saw (read/heard/knew). Information freedom incompatible with copyright (fully compatible with secrets of any kind).

But the autor of the artwork wants (and deserves) a small compensations for his work.

I disagree with disposition. Nobody has right to certainly monetize anything he creates (or says he created, it's important), only freedom to monetize. And harmonic ways exist: donations + paid access (specialist's hours of work/subscription/tikets/etc). Alas, but still there's a copyrigt as a (inharmonic, ofc) way around... Not everyone's thinking hard about this.

Whole concept of deserved things always failing (when regulator of "fairness" fails).

That would take $90,000,000,000.  I doubt that occurs.

Magnitudes less. Threr's no way all NXTs'll be for sale at any point. Market supply stricly bounded.

$200? $500? $1000? A dozen swimsuit models?
Everybody has their price

Very big mistake. Say, tommorow NXT'll cost a ten times more. I'll smile. 2 days - 100x, I sell some (X%) and buy something. 3 days - 1kx, x/10%... and so on. There's no way all NXT's be for sale, cos it's bad strategy, there'll be plenty of bad players, but part'll act smart - no sense in giving away a owned limited liquid resource at once. Everyone (of survivers) will start to balance their incomes and outcomes and never sell reserves w/o some critical situation.

Also, how do we prevent spamming when there are no fees? Maybe we should have different fees on different parallel blockchains.

0.1 NXT for main chain ASAP (in-thread voting with well-weighted opinions of members of community). Later: let's see. For different chains: let's see for chain at first  

Penalties. At least it was part of BCNext's idea that we should penalize accounts who don't forge. I don't see a problem here as long as we talk about proper penalty. Not allowed to forge for the next 1440 blocks seems fair.

Fair... Fair. FAIR. Arghh, everytime somebody says "fair" on purpose a kitten dies in healthy capitalistic world. We'd care less about "fariness". Goal of penaltizng? To prevent malicious block creation (when big stake's taking time to secretly forge bad chain) and to stmulate to forge (both potentially penalized and potential winners of penalties for others).

Other cryptocurrency wallets believed to have been vulnerable to Pony theft are:

Anoncoin   BBQcoin   Bytecoin   Craftcoin   Devcoin   Digitalcoin
Fastcoin   Feathercoin   Florincoin   Franko   Freicoin   GoldCoin
I0coin   Infinitecoin   Ixcoin   Junkcoin   Litecoin   Luckycoin
Mincoin   Namecoin   NovaCoin   Phoenixcoin   PPCoin   Primecoin
Quarkcoin   Tagcoin   Terracoin   Worldcoin   Yacoin   Zetacoin
 

Nice not to see NXT here

All depends on how u keep and how often use your private key. Digital keeping, using at alltime-Net-connected computer that used for plenty businesses? Trojan/keylogger-vulnerable. Ofc, less vulnerable than having non-encrypted /Roaming/****coin/wallet.dat, bit still a reason to manage risks.

[apenzl]

Just in case you missed it - NXT Newsletter #3: http://nxter.org/nxt-newsletter-3/

You can sign up for email notifications on nxter.org. 

/apenzl

[EvilDave]

Posted my candidates speech for the NXT infrastructure fund (NXT-ISF from now on, can't be arsed typing it every time.)

https://asktom.cf/index.php?topic=479167.msg5350802#msg5350802

And a call for speakers at the A'dam Bitcoin conference;

https://asktom.cf/index.php?topic=412243.msg5374756#msg5374756

Excellent newsletter from apenzl !!
http://nxter.org/nxt-newsletter-3/
Any whales in the house.....give apenzl lots of NXT.


Going to bed now. Really....

[mczarnek]

What do you guys think about building some kind of decentralized insurance directly into the coin to provide peace of mind that something like Gox can't happen to Nxt?

Details and more info here:
https://nextcoin.org/index.php/topic,4186.0.html

The decentralized exchange helps too but being able to used an insured bank to store your Nxt would provide a certain peace of mind.  It's the reason my dad has been convinced that cryptos will fail.. because they aren't insured, therefore he'd never feel safe storing them anywhere and I'm sure he's not the only one.  It's a necessity when it comes to non-techy people in my mind.

And as Rahm Emanuel says (dislike him but he's got a point on this topic): Never let a good crisis go to waste!

[NxtMinnow]

Thanks for the 2000 TestNxt 9545913092692286202   

[btc2nxt]

finally with get ride of Mt Gox!
https://www.mtgox.com/

At this point 744,408 BTC are missing due to malleability-related theft which went unnoticed for several years. The cold storage has been wiped out due to a leak in the hot wallet. The reality is that MtGox can go bankrupt at any moment, and certainly deserves to as a company. However, with Bitcoin/crypto just recently gaining acceptance in the public eye, the likely damage in public perception to this class of technology could put it back 5~10 years, and cause governments to react swiftly and harshly. At the risk of appearing hyperbolic, this could be the end of Bitcoin, at least for most of the public. We believe in the value of Bitcoin, its potential to change the world, and its principles of transparency. Most importantly we care about the customers of MtGox and other bitcoin-based businesses who will be affected. The likely consequences will be larger than this localized financial damage, and we believe that the benefits of keeping MtGox stable and running outweigh the risks. This isn’t about saving MtGox anymore.
---from
http://zh.scribd.com/doc/209050732/MtGox-Situation-Crisis-Strategy-Draft

more:

Inside the Mega-Hack of Bitcoin: the Full Story
http://www.dailytech.com/Inside+the+MegaHack+of+Bitcoin+the+Full+Story/article21942.htm

VI. What's Next

Ultimately, the massive breach may not be enough to kill the Bitcoin movement.  After all, many people are very dedicated and enthusiastic about the concept of Bitcoins. 

That said, the recent volatility, combined with this breach raise serious doubts about Bitcoin managing to become mainstream.  The fact that the largest exchange in a $130M USD would practice such lax security practices such as failing to use the state of the art hashing methods to protect its database seems disturbing.

Ultimately a greater underlying problem may be the vulnerability of users' local "wallet" file, wallet.dat.  When news of the original Bitcoin hack broke, many assumed that malicious users had infected victims' computers and exposed their wallet.dat files.

Of course, serious Bitcoin aficionados encrypt their wallet.dat file soundly, but as casual interest in Bitcoins explodes, the question remains whether the average, security-ignorant user will practice similar safety precautions.

Indeed, security firm Symantec reports finding a Trojan malware program titled Infostealer.Coinbit in the wild, which tries to extract the contents of your wallet and email it to a malicious party.  The firm found code being shared on forums to similarly snatch wallet data and upload it via FTP.

In the long run encrypting your wallet file may not be enough.  Sophisticated hackers may copy the file to a remote location for rainbow tables attacks, or opt for a local on-system brute force attack.  Either way, if your encryption scheme or password are weak, your wallet still may be compromised.

[btc2nxt]

ANNOUNCEMENT

Link to the full Prospectus/Business Plan (25 pages)
https://mega.co.nz/#!KdITnBIB!PW_sWdyNi7IGWC_VYSSO9Ki8ja6RC2YTpW20VrEshh4


Early Nxtty Messenger Demo
http://www.youtube.com/watch?v=Gj0CRqoNsYc


Also pls feel free to comment on the plan on both Nextcoin & nxtcrypto forums:
https://nextcoin.org/index.php/topic,3313.msg31709.html#msg31709  &
https://forums.nxtcrypto.org/viewtopic.php?f=53&t=635&p=2968#p2968


We will be communicating more details to the community regarding the exact IPO date.  If anyone wishes to take part in private placement please do send me a pm.



Best regards,
Landomata
Secretary
Nxt Mobile Applications Company

i don't think it is a good idea competing to What'sapp, or other im companies.

But encrypted message is very nice.
if combine  encrypted message +reddit's giving gold , will  success.

here from my post
Using Nxt to give gold in BBS replacing member point system:
in reddit, anyones can donate btc to authors if they think the authors’ opinion is very impressive.
In the same way, china has many bbs using member points. Vip members get many points, but thes points are no use. So if these points convert nxts, vip member would be very glad help other members. There are a huge members in IT.
there are three parters: website(using member point system) ,nrs in personal computer or mobile, online wallet.
scenario:
1.   in website ,a member want to give gold to a author, click the author, show a send nxt screen, input the nxt number, like 100
2.   confirm.
a)   the website send a message to online-wallet or VPS,not using nxt chains(if sender don’t register in the online wallet, online-wallet just ignores it)
b)   the website throught the nxt chains ,send message to the sender(if sending message is too expensive ,the website may not use nxt). but now the fee is too high to implement this.
3.   send money
a)   sign in the online wallet, see the transaction, then confirm it,then money send to receiver.
b)   or open nrs on pc(iphone,andriod), see a new message containng payment information,click it ,show send money confirm , ,send meoney to the receiver.

using NXT,we can give gold in twitter,blog,weibo.cn

[NxtMinnow]

Oh, I also figured out a much easier way for people to be able to test this. When it is ready for testing, just post your DOGE address and I will send you some DOGE for testing along with a deposit address. I will set the withdrawal address to your DOGE address. I believe there is even an online DOGE wallet, so no need to install DOGE-qt. No need to compile any source code. Since the gateway uses the "sender" field in the AM to verify you are the owner of the NXT acct, I dont think it is so easy to spoof gateway_AM packets. Havent really bullet proofed that yet as we need to have basic functionality first.

https://www.dogevault.com/

I just setup a test wallet. If any Nxters here are like me, your Doge-QT client may be out of date (1.4) and needs upgraded to 1.5.2 and the blockchain needs re-indexed, updated etc. The online wallet is slick (nice enough for testing purposes, anyway).

jl777,

Can you please send some DOGE to D9pkBsuGNh5ZLuDtc9uRuLJWSYbA9duUrq so that I can test the Testnet AE?  Thank you.

[allwelder]

ANNOUNCEMENT

Link to the full Prospectus/Business Plan (25 pages)
https://mega.co.nz/#!KdITnBIB!PW_sWdyNi7IGWC_VYSSO9Ki8ja6RC2YTpW20VrEshh4


Early Nxtty Messenger Demo
http://www.youtube.com/watch?v=Gj0CRqoNsYc


Also pls feel free to comment on the plan on both Nextcoin & nxtcrypto forums:
https://nextcoin.org/index.php/topic,3313.msg31709.html#msg31709  &
https://forums.nxtcrypto.org/viewtopic.php?f=53&t=635&p=2968#p2968


We will be communicating more details to the community regarding the exact IPO date.  If anyone wishes to take part in private placement please do send me a pm.



Best regards,
Landomata
Secretary
Nxt Mobile Applications Company

Great progress,great works.Good luck to NMAC.

[allwelder]

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

Release 0.8.2e

http://download.nxtcrypto.org/nxt-client-0.8.2e.zip

sha256: cd0ceda97fd1752d6fa2877bd4a343570f8b62ae1de2009cd7688087c619c3d4

great works,updated so fast,I cannt catch you.

[Jerical13]

NXT developers should prioritize a colored "gaming" coin. The gaming market is huge and there are tournaments being played all the time online for money. It would be convenient to trade with NXT instead of cash because many gamers are young and international. It will be quick to transfer money from one corner of the world to the next. I play Starcraft II and Diablo III. Starcraft 2 has tournaments all the time, and you could trade Diablo 3 items for NXT. The potential is huge!

Get in touch with swartzfeger he our official Nxt Gaming expert.

You should do the coin yourself. Anyone can create a coin. you need not be a developer. That is what the AE is about. Free market. If you would be interested, I would be willing to help. I can't write program, but the feature makes it unnecessary to need to write program. You can Generate the coins with the feature. Really all you need to do is come up with a way to promote and get peoples interest. I don't really do any gaming but would be exited to participate in this because it would be a chance to take part in what NXT really is. let me know if you would be interested. I have a few ideas about implementing the feature in this way.

[allwelder]

People, please don't use third party websites to check hashes. It defeats the purpose of the hash.

If you're using Windows, download this to check the hashes easily and quickly. It's open source and free:

http://code.kliu.org/hashcheck/

another online converter http://hash.online-convert.com/sha256-generator

[Jerical13]

What do you guys think about building some kind of decentralized insurance directly into the coin to provide peace of mind that something like Gox can't happen to Nxt?

Details and more info here:
https://nextcoin.org/index.php/topic,4186.0.html

The decentralized exchange helps too but being able to used an insured bank to store your Nxt would provide a certain peace of mind.  It's the reason my dad has been convinced that cryptos will fail.. because they aren't insured, therefore he'd never feel safe storing them anywhere and I'm sure he's not the only one.  It's a necessity when it comes to non-techy people in my mind.

And as Rahm Emanuel says (dislike him but he's got a point on this topic): Never let a good crisis go to waste!

That is a good idea. But it would probably work better as a private, for profit business. People shouldn't  let the Mt. Gox thing push the pendulum of decentralization to far from FREE MARKET. The fact that Mt. Gox did some shady stuff has no bearing on what you can or will do. In my opinion the purpose of the NXT AE is to provide a platform for a free market ant the purpose of the currency of NXT is to be the common currency of that free market. Decentralizing aspects like insurance, escrow, or other holding or security services only takes away some ones oppertunity to capitalize on providing these services. Mt. Gox messed up. And they are paying for it. But just because one business screwed up doesn't mean all businesses will. Mt. Gox was based around an inferior currency to NXT anyway. If you want, Your Father, and You and I could partner up and be the first insurance provider  to the NXT network. Don't let the Mt. Gox thing take any wind out of your sails. The answer to the problem of a shady, poorly run business isn't to stop doing business. "never let a ggo crisis go to waste."