Topic: [ANN] NEX :: Nxt Reimagined - Industrial Strength - Imagine Fairness! - page 51. (Read 101968 times)

lol you haven't done your home work.   How do you think NEX is going to get their source code?

I would propose the following to get a really fair coin distribution for a 100% PoS coin:

Add the bitcoinj library to the NEX code and let it run in SPV mode.
Every NEX node continuously scans the bitcoin blockchain for P2SH transactions that are going to a proof-of-burn address.
You define a sliding window (i.e. 100 bitcoin blocks) and distribute rewards proportional to all bitcoins that were sent to the burn address within the last 100 bitcoin blocks.

You can define a decreasing reward curve for the next 1-4 years, such that after this initial bootstrapping rewarding phase the bitcoinj library can be excluded from the source code.

I think this would be the most fair distribution model, because there is no initial IPO. The price of the new coin will be determined always by the free market: If there is a period where more people are willing to burn their bitcoins for NEX coins, then they each get less NEX coins for their bitcoins. On the other hand if there is a period were no one wants to burn their bitcoins to get NEX coins, then everybody could just jump in and burn just a few satoshi to get almost the full NEX block reward without much competition. So you see fair distribution by market value.
It would make sure that the new coin actually really starts at value zero and will gradually improve to gain value. Therefore from an economic standpoint this would be the same distribution model as with Bitcoin.

It will borrow the fair distribution model from Bitcoin and the nice proof-of-stake model from NXT.
Of course this distribution model also has a much lower barrier to entry for every current bitcoin owner, even if he decides only after half a year to exchange some bitcoins for NEX coins. He could just look if he gets a better price at some exchange or if he goes the way to directly convert by burning bitcoins. This is the same mechanisms as someone interested in bitcoin could decide to buy a mining rig or to directly buy bitcoins on an exchange.
So instead of an initial-public-offering the coin has a continous-public-offering with decreasing reward over the next few years. This makes sure that the coins will be distributed quite broadly to many people.

I'm interested!  

NEX open source from the start. Why would anyone prefer the closed source alternative? (NXT promised the sources for January, they now say April; it will probably never be fully open source. This is too bad for serious money)

By saying you are interested, you will get coins as a percent of those who said they were interested.

Would you please elaborate on this?

Will InvestCoin and EnterpriseCoin both have max supply limits?

Is there a mechanism to convert back from EnterpriseCoin to InvestCoin?  If not, then doesn't that suggest that EnterpriseCoin inflates infinitely?  I think there needz to be a mechanism to deflate EnterprizeCoin as well.

But with bitcoin it was fair because the first miners had a very huge risk. Only from your current perspective you could say it is unfair, but actually these guys were like revolutionists who were thinking differently and therefore their past reward can be considered fair from todays perspective. Everyone interested in the matter could have joined 4 years ago, or 3 years ago or now and nobody would say it is unfair.

In contrast an IPO (initial public offering) is ridiculous in the context of a network which is maintained by open-source software. Everyone could just copy the software and create their alternative network with exactly the same properties. So there is no value and therefore an IPO makes no sense.

fair distribution of bitcoin ? lol  it was  released on a crypto mailing list (so how is it fair if you release it only to a very restrict group of people). for months 10 people mined it....then some gamers started mining it (i believe cos it got posted on on blizzard forums).....then by the time it ever got popular mining it required investment in graphic cards...and then asics completely killed it for the average joe....was everything but fair distribution.
NXT is already more distribiuted than bitcoin ever was in its first 2 months ., where only 20 or so people mined it.
5 years on and less than 1000 own more than 50% of bitcoins.  if NXt is to survive 5 years i bet its distribution will be much wider than that.

By saying you are interested, you will get coins as a percent of those who said they were interested.

NEX Invest Coin (NIC) coins are the name of the currency that will be distributed initially. These are the coins that will be on exchanges and can be bought and sold. These coins will generate 1 additional NIC coin per week for every 1,000 NIC coins that you own (updates fractionally on the blockchain every 15 seconds and are rounded up to the nearest millionth). This means that in one year of holding 1,000 NIC coins, you will receive roughly 50 NIC coins, or 5% per annum.

NEX Enterprise Coin (NEC) coins can only be obtained by burning NIC coins. For every 1,000 NIC coins that are burned you will receive one NEC coin. These coins can not be exchanged, sold, or discarded by any means and will be attached to the wallet indefinitely. Each NEC coin will generate five NIC coins per week. In one year of holding one single NEC coin, you will receive roughly NIC LV1 coins. This equates to an increase of 25% per annum.

Interested.
How does the zero cost buy in work?
I see the 1:50 trade NXT for NEX, but that is not a zero cost buy in now is it.
There needs to be a way to distribute coins freely and fairly.