Topic: Gold collapsing. Bitcoin UP. - page 1097. (Read 2032266 times)

from the NXT homepage:

"The difference between the Nxt Brain Wallet and Bitcoin is there is no automated generation of your passphrase/private key and there is no wallet.dat-like file. A Bitcoin private key still can be bruteforced without access to created wallet.dat file."

who's desperate?  that is blatant false advertising.

i read that sentence several times and it's referring to private keys generated in a wallet.dat.  private keys in the Bitcoin-qt wallet are randomly generated 2²⁵⁶ integers that then are used to create 2²⁵⁶ public keys via ECDLP.  then the public key gets sequentially hashed via sha256 and then ripemd160 creating an address with 2¹⁶⁰ bits of security.  these are not brute forceable by any known means in any feasible timeframe.

yes, NXT is spreading FUD.

but thats true? a private key is a string of characters yes? why can a string of characters not be brute forced the same as brain wallets? theres no difference. a seed password for an electrum wallet can be brute forced, its just harder the longer the passphrase is, same goes for nxt passphrases. stop spreading fud.

No, it's you who is confusing. Let me rephrase the issue here and hero members correct me if I am wrong:

- You need to expend real world resources to produce something (otherwise) worthless (eg. hashes), which are expended when you use it to "vote" on which chain is the longest. You cannot double-spend hashes, so there is always a cost if you want in the game, and the reward (coinbase) tends to the marginal cost.

from the NXT homepage:

"The difference between the Nxt Brain Wallet and Bitcoin is there is no automated generation of your passphrase/private key and there is no wallet.dat-like file. A Bitcoin private key still can be bruteforced without access to created wallet.dat file."

who's desperate?  that is blatant false advertising.

nxt seems to be a great platform for experimentation.  A research oriented cousin is exactly what Bitcoin needs.  What will be interesting to watch is how Bitcoin handles it if nxt actually comes up with something interesting and can prove it works how they think it should.

This is a summary of the development planning discussion we had today.

1. Release 1.2.1e will be scheduled in a few days, with bugfixes to DGS. After more testing, 1.2.2 should be ready for main net, planned for the week of July 14th. It will have DGS, Alias Transfer, and Encrypted Messages features set to be enabled about a week after the release, to give everyone time to upgrade. Therefore these features will go live before end of July.

2. In parallel with 1.2 bugfixes, JLP will finish the work on the 1.3 database persistence branch, which will have no new features and will be compatible with 1.2. After the release of 1.3, in August, both will be supported for some time while making sure 1.3 is stable and fixing any database related performance problems.

3. As 1.3 stabilizes, kushti will port his Voting System branch to also use database persistence, and merge it to what will become the 1.4 release. The 1.4 release will also have the AE dividends payments feature already mostly done by CfB, and possibly Smart Leasing, which ChuckOne will be working on.

4. The Monetary System branch will be delayed a bit as CfB plans to include Mixing (CoinShuffle) in it. The mixing will only work for Monetary System currencies, not for NXT payments. The MS branch needs to be reviewed by me, ported to use database persistence, and merged to the develop branch, to be expected no sooner than 1.5.

5. After MS, CfB will work on finishing Economic Clustering, Anti-Deflation, and the next steps to Transparent Forging, such as Time Warp.

6. After Smart Leasing, ChuckOne plans to focus on Atomic Cross-Chain Trading.

7. Kushti will work on blockchain pruning, improvements to Asset Exchange and DGS, and possibly helping with TF.

8. After the db work and managing the releases of the above features, I will look into Phasing, which includes Multisig Transactions and Escrow and is also related to the Atomic Cross-Chain Trading project.

9. The Instant Transactions proposal by Matt is still in the design phase, and is also related to Transparent Forging. ChuckOne would also assist with IT design.

nxt seems to be a great platform for experimentation.  A research oriented cousin is exactly what Bitcoin needs.  What will be interesting to watch is how Bitcoin handles it if nxt actually comes up with something interesting and can prove it works how they think it should.

bravo sir. I'm quoting this so it can really sink in.

Interesting discussion with Vitalik and some of the nxt guys happening today after he posted his Stake article today. Looks like he admits nxt does things a little better then he thought:https://nxtforum.org/general-discussion/bounty-for-successful-nothing-at-stake-attack/msg60166/#msg60166

A few of his ideas from the article are also currently being implemented into nxt in a feature they call economic clustering. Seems to me like nxt is spearheading some incredible advancements and are not shy to keep adding new powerful features to the protocol quickly. At its very worst it will be a great case study when determining how to improve bitcoins mining mechanism.

Not every time someone mentions another coin is to pump the shit out of it, some people actually have the belief that good advancements can come from experimenting with this technology in a number of ways. Just like those who were quick to dismiss bitcoin are paying for it, you'd be wise to keep your eyes open to new ideas.

No, it's you who is confusing. Let me rephrase the issue here and hero members correct me if I am wrong:

- You need to expend real world resources to produce something (otherwise) worthless (eg. hashes), which are expended when you use it to "vote" on which chain is the longest. You cannot double-spend hashes, so there is always a cost if you want in the game, and the reward (coinbase) tends to the marginal cost.

- In PoS, you can vote with the same coins in all universes of the present, as well as the past and future, and not produce anything, and it does not cost anything. So it is a worthless system to determine which chain is the longest (no cost == nothing at stake). The only reason PoS advocates argue against it is that they have not even understood the basic problem.

If this is your answer to Peter R.s well-founded and well-explained critcism of PoS/nxt, then it's very easy for me to make up my mind.

As for the supposed (not factual) bet you propose: they would have to give the potential attacker access to a key that used to have 51% stake at some point in the past first. I'm willing to bet they wont do that.

your a bit well behind the times man! lol

and if your so sure it can be done, why dont you do it? im sure the nxt guys would put a hefty bet on with you that you or anyone cant do it.

Aren't you confusing the stake (which can be reused to provide signaling for many transactions over time) with the coins (which can only be used once)?

The stake is worthless as far as I can tell. Stake is just showing someone what you own, not actually giving it to them. Would someone pay me just because I show them that I have a lot of money in my wallet? I can show what's in there a million times without losing a cent.

Aren't you confusing the stake (which can be reused to provide signaling for many transactions over time) with the coins (which can only be used once)?

The stake is worthless as far as I can tell. Stake is just showing someone what you own, not actually giving it to them. Would someone pay me just because I show them that I have a lot of money in my wallet? I can show what's in there a million times without losing a cent.