Topic: Do we realy need NXT / Ripple ? (Read 3149 times)

Thanks a lot!

Bitcoin was an amazing experiment that never fixed its flaws after 4 years of existence. It is eternity in crypto-currency.

The ponzi-mining-scheme is absurd and is going nowhere.

Nxt is one of the only crypto that have guts to face problems and provide solutions.

I will not talk about Ripple because it is not a crypto but a centralized IOU exchange, learn the difference please.

It's a massive scam, besides bitcoin and litecoin, I am looking into iCoin, just making sure the developer is legit.

It is both:
XRP ("ripples") are the native unbacked currency that reside on the Ripple payment network/exchange.

I can't understand - is there a coin ripple as an independent coin and cryptocurrency, or it's just a platform to make p2p burse?

Nope. Read up on how transparent forging works in NXT. I didn't miss your point, you claim someone will buy up a ton of coins and eventually control the entire supply through forging. I don't think this is possible unless, as I said, the attacker acquired over 90% of the coins. The fees generated from forging wouldn't be enough to increase their stake size to 90% if they had say 60, 70% of the coins, which already would be VERY hard to get.

Also, if the attacker misses his chance to create a block his forging power is penalized for that round and his fees would go to other stakeholders. So a possible attack would assume he is forging at all times and never misses a block (very  unlikely). In that sense even a 90%+ attack may not be successful.

That's why I said it's more realistic that the government or some entity would just build a massive ASIC network to take over Bitcoin. Much easier...

sorry but you're totally clueless.

in bitcoin the more mining power you acquire the more coins you create the more fees rewards you get and on top of that the 51% issue
in Nxt the more stake you have the more fees rewards you get . PERIOD (nothing else)
stakes are pretty much virtual mining chips....but which only take care of transaction/fees.

and btw i think there's also a cap in place  above 1 million or something....where your chances of getting fees rewards don't increase past that (not sure thouigh)

in any case the total of coins are already allocated. it is just fees rewards (recycled coins spent in trasanction costs) . which let me tell you....it ain't that much of big business.


soon  pooled forging might be in the protocol (CfB said they was working on that)....so removing the chance/lottery thing which i don't like(with the big stakeholders currently having more chances as they hold more tickets)...so with pooled forging pretty much all tarnsactions fees would be redistributed with same % . so any wallet running a node would be like some saving account giving same % return to all.
so if i have 100 nxt after an year i might have 103 nxt.....and if someone has 1000 he would then have 1030....and so on.
you can even have a stakeholder with 80% of all nxt...and it won't ruin in any way the ecosystem for the the other 20%. he can't do shit apart from dumping on an exchnge and affecting the price.....same as a big bitcoin holder can do....but that only distributes the coins and ....that's what's been happening for the past 3 months....the big original stakeholders are becoming less and less and the coin is becoming ever more distributed. infact it is currently more evenly distributed than bitcoin.

+1440

Firstly... "newly created" and "generated" mean the same thing... you are just arguing semantics

Secondly.. seized funds.. yes they are taken out of circulation for a time. the FBI has control of them and has NOT sold them yet that is the point. If those coins were NXT the FBI holdings would be increasing in number without them having to do anything.

Thirdly.. 51% was talking about BITCOIN.... i said the concentration of coins is fundamentally is WORSE than a 51% attack in the context of NXT because the concentration acts like gravity attracting more coins. essentially those people who control the largest amount of coins control the entire market of not just existing coins but the creation of new coins.. this is very dangerous indeed. this is the fundamental flaw of any entirely PoS system.


you missed the point of my post completely due to lack of understanding both BTC and NXT.

It was manipulated... Pretty easy to do when a small group owns a large majority of coins.

First, I don't know what you mean by "newly created coins" as NXT isn't inflationary. The coins aren't generated from thin air - they come from fees.

Second, the seized funds from Silk Road haven't been taken out of circulation, the FBI is planning to sell them.

Third, a 51% attack isn't possible with NXT, an attacker would have to get like 90% of the coins, which seems impossible. It's more likely the government will build its own ASIC network to try and take over Bitcoin if you want to engage in those kind of theories.

We need alts, but NXT isn't it.

Things I know about NXT:
1) It's 100% PoS.  Basically the rewards from the mining process only go to those that hold it.   IE. the rich get richer and the poor get squat.  
2) Since the reward is based on holding it you are deterred form spending it as not only do you exchange it out now, you also lose future earnings.  
3) Combine that with the fact it's 100% pre-mine.. and just LOL!  Shit, I think I'm going to open up my monopoly game, stick my face on the bills, then say "I'll only give more to the people that buy now" and sell them for $1000 USD each. lol. Any "investors" out there?

NXT = trash.

that's the point, as I understand it the addresses with the most NXT are the ones who get the most newly created NXT coins so there is no incentive for Nxt to be distributed widely.

Nxt addresses work like gravity.. the bigger they are the more coins they attract from the mining process.
this process alone tends towards centralization of the currency into a few large addresses over time.

authorities OR criminals from any persuasion do not need to go after 100,000 people they just need to target the top addresses. once they control the largest addresses the majority of newly mined coins naturally flow to them.. they don't even have to work to get more coins..

if I understand how NXT works correctly this IS a fundamental flaw.
it is much more dangerous than a %51 attack which can only allow attackers to spend 1 or 2 blocks worth of coins before the miners start rejecting the transactions.

if you look a the bitcoin richlist for example... address with the most BTC was actually seized from the Silk Road.

(if this site is correct)
http://bitcoinrichlist.com/top100

now in BTC world that doesn't matter because those coins are taken out of circulation and the owner of that address, the biggest miners and the most powerful devs are NOT the same people. so the miners keep mining and the devs keep on working new coins get created and spread around.

if that situation were to occur in NXT land.... then that seized address would simply keep growing because by virtue of it being locked nobody can spend the coins.
ask yourself this.. who is going to mine or buy NXT if most of the new coins will go to the FBI for example...

please correct me if my understanding of the underlying NXT model is incorrect but to me that seems to be how it works.

All alts benifit BTC by brining money to the crypto world. So do we need them? Yes, to think that BTC is the final product in a new industry your blind. PERIOD.

NXt has crashed and lost more than half of its value overnight at least two times...and it survives and infact gets stronger as the coin gets wider distributed .
by the way your OP is like saying "myspsace is good enough we don't need innovation".....and myspace was used by 60 million ppl at some point. and look where it is now.
in technology it is all about innovation. nxt is one of the only few coins around which actually innovates  and you discredit it .
and the fact that you refer as mining as bitcoin's biggest strength just shows how clueless you are.......if you spent any time in the development/technical forums you'll see that mining is the n.1 problem and n.1 threat to the bitcoin ecosystem. mining at the present moment is not  decentralized....and there doesn't seem a solution for this. bounties for true p2p mining are just ending in dead holes.
the expensive and wasteful infrastructure that currently holds bitcoin up cannot afford to see the value plummet...if that happens it would be a disaster of epic proportions and people would jump ship.
not sure if that ship would be Nxt....but sure as hell would not be another miners coin to end up down the same dead end road.

Bitcoin is not good enough because it's so slow. How frustrating is it to need to buy lets say NXT when the price is low, when time is crucial and then having to wait and wait.

Also, OPs comment is so closed minded. I can't imagine him coming up with an innovative concept. 

Sorry for cross-post but still...

+1

Bitcoin as a currency will survive because they're actually rewarding miners to keep the thing up.  Even if Bitcoin lost 50% of it's value overnight somehow, a year from now it will still be around, and probably more valuable than it is currently.  If a coin like NXT lost 50% of it's value in a flash crash (which probably will happen due to horrendous distribution), you would probably never see the coin again after a week.

Silkroad was one guy (or a group of guys) running a website on Tor network. He got caught by his own stupidity by leaking his personal info.  When/if Nxt is distributed widely, let's say 100,000 accounts in various countries. How on earth would the US be hunting random 100,000 people in the world? You are talking nonsense. SIlk road wasn't decentralized. It was one site run by one person.  

I'm protected by the power of a country that will use every opportunity to show that it f*cks the USA.