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Topic: | Nxt | Blockchain Platform | Proof of Stake | Official - page 140. (Read 941303 times)

sr. member
Activity: 365
Merit: 251
the specific % is, obviously, impossible to know for certain and was offered as illustrative of the fact, that you know better than me, that the forging is some kind of lotto game in NXT in which the probabilities of forging increment exponentially with the amount of NXT forging.
The increase is effectively linear, not exponential. If you have twice as many NXT, you are twice as likely to forge the next block, not four times as likely.

I've had 1,000 NXT in my wallet for a few days now, but I'm still not forging. All my deposits have over 1,440 confirmations - what gives?  Thanks in advance for any help Smiley
You should be aware that something like 400,000,000 NXT are forging, so with 1,000 NXT your chance of getting the next block is 1 in 400,000. So you should average 1 block every 278 days. I'm sorry, but 1,000 NXT isn't very much. You need around 300,000 NXT to average one block a day.
hero member
Activity: 770
Merit: 500
Yep, you can run a full Nxt (or Ardor) node on a Solar powered Odroid or Raspi!

https://twitter.com/AvdiuSazan/status/756816182632734720
hero member
Activity: 770
Merit: 500
Lior Yaffe, Nxt Core Developer Lecture Advanced Concepts in Blockchain Design July 27, 2016 http://www.meetup.com/bitcoin-il/events/232620342/
legendary
Activity: 1162
Merit: 1000
no one cares if you guys make money or not .... (..) .... which is a very poor kind of attitude in general.

Sorry, my FUD meter almost exploded reading your post. For a moment I feel like reminding you that some people have jobs and families and cannot afford to work full time in projects that provide no income, or that -as we informed- MyNxt accounts have never been at risk (even accounts belonging to users who never did a wallet backup to use their account elsewhere), but I suppose it is better to encourage you to run a similar project yourself. Any community will welcome a fully committed operator/developer with skills who can invest time and resources freely anytime, is able to prevent any failures in the hoster end, data loss and other issues altogether, and fix them in a couple hours whenever they happen regardless of middlemen and the nature of the problem. If that's you, you should be contacting us in PM instead of wasting time complaining.
 
 



That is, obviously, not me. On both counts. But you have your own metrics as a recourse when straight answers don't seem to be available, right? Hey, it's your party...
legendary
Activity: 1540
Merit: 1000
SuperNET's IOTA donation
how many percent should SuperNET donate to IOTA foundation


https://nxtportal.org/polls/6760910214030529023



sr. member
Activity: 378
Merit: 250
Mine NXT by harnessing the blazing ball up in the sky!

Set up a NXT Solar rig.
Join the Lucky node lottery.
Profit!
sr. member
Activity: 251
Merit: 250
Don't feed the obvious troll Grin
sr. member
Activity: 460
Merit: 250
no one cares if you guys make money or not .... (..) .... which is a very poor kind of attitude in general.

Sorry, my FUD meter almost exploded reading your post. For a moment I feel like reminding you that some people have jobs and families and cannot afford to work full time in projects that provide no income, or that -as we informed- MyNxt accounts have never been at risk (even accounts belonging to users who never did a wallet backup to use their account elsewhere), but I suppose it is better to encourage you to run a similar project yourself. Any community will welcome a fully committed operator/developer with skills who can invest time and resources freely anytime, is able to prevent any failures in the hoster end, data loss and other issues altogether, and fix them in a couple hours whenever they happen regardless of middlemen and the nature of the problem. If that's you, you should be contacting us in PM instead of wasting time complaining.
 
 

sr. member
Activity: 251
Merit: 250

Thank you for the absolutely unnecessary advice, though.

I understand you're not happy when someone sees through your sophisticated FUD attempts. Cheesy Of course you're not really interested in NXT, you're only interested in *your* facts. Dragging up that old stakeholders thing again, years later, is a good example. It's kind of obvious what you're trying to do here: fear, uncertainty and doubt.

Again I say: if that *really* matters to you, just don't buy into NXT, and then GTFO. Why are you even in this thread?

On the other hand, it's a good thing to see trolls visiting this thread again. It means things are going up! Smiley
legendary
Activity: 1162
Merit: 1005
^^^^

I never said differently. But that hardly changes the facts stated above.

Yes, we can state it as fact. So what? You can't change the history. BTW, there is 43K of account these days participating in snapshotting, so distribution improved a lot Smiley

But I was talking about your statement of: "I know the immense majority of the coins in existence, and 99% of those being forged, belong to the same small group of people?". Where did you get this 99% number?

the specific % is, obviously, impossible to know for certain and was offered as illustrative of the fact, that you know better than me, that the forging is some kind of lotto game in NXT in which the probabilities of forging increment exponentially with the amount of NXT forging. Giving that 70 at least, possibly 71 of the initial investors have not had the possibility of dumping not all but not even a small amount of their holdings in just over 2 years (not enough volume, sorry), it is evident that they still hold a gigantic amount of the initial distribution, in spite of those 43,000 accounts you mention, most of which were "play accounts", not real ones (and I guess you will be asking next how I know that, right?). Those amounts will achieve 99% -or more- of the forging in just the same way that, say 80% of the entries in a lottery would get 80% of the prizes... with time. In NXT case, since the probabilities of forging are incremental depending on the number of coins you have forging, the 99% probably, as I said, is conservative.

You asked.

Sure, forging directly depends of amount of NXT in account, that's how POS works. Do you see any flaw in it or don't know how POS is working? Have you ever checked www.nxtportal.com for live monitoring who and how much forge? There is some statistics, where you can see, that the biggest forger with 50M stake forge only 16% of blocks.

As for "play accounts": if they are included in snapshotting, then they are real created accounts with NXT>0 in them. How much are active? Nobody could say.
legendary
Activity: 1162
Merit: 1000
^^^^

I never said differently. But that hardly changes the facts stated above.

Yes, we can state it as fact. So what? You can't change the history. BTW, there is 43K of account these days participating in snapshotting, so distribution improved a lot Smiley

But I was talking about your statement of: "I know the immense majority of the coins in existence, and 99% of those being forged, belong to the same small group of people?". Where did you get this 99% number?

the specific % is, obviously, impossible to know for certain and was offered as illustrative of the fact, that you know better than me, that the forging is some kind of lotto game in NXT in which the probabilities of forging increment exponentially with the amount of NXT forging. Giving that 70 at least, possibly 71 of the initial investors have not had the possibility of dumping not all but not even a small amount of their holdings in just over 2 years (not enough volume, sorry), it is evident that they still hold a gigantic amount of the initial distribution, in spite of those 43,000 accounts you mention, most of which were "play accounts", not real ones (and I guess you will be asking next how I know that, right?). Those amounts will achieve 99% -or more- of the forging in just the same way that, say 80% of the entries in a lottery would get 80% of the prizes... with time. In NXT case, since the probabilities of forging are incremental depending on the number of coins you have forging, the 99% probably, as I said, is conservative.

You asked.
legendary
Activity: 1162
Merit: 1000

I never said differently. But that hardly changes the facts stated above.

The fact is that you don't know what present distribution looks like a couple of years later, we don't know how many people hold more than one of these accounts https://www.mynxt.info/accounts. Do you know how many whales were stubborn enough nót to cash out or switch to other crypto blockchains these years? Do you know exactly what BTC distribution is? Or any crypto distribution? If that's important to you, it's quite simple: don't invest if you expect a giant dump by large holders. Exactly the same goes for Bitcoin. Do you expect Nakamoto to one day crash the markets?

Fact is that NXT has been in a 'bear market' for over 2 years, with some initial stakeholders continuously pushing the price down by selling their stakes. Fact is that some have donated millions to community projects. Fact is that anyone could have become a NXT millionaire at these prices, a fraction of a cent.

So if you are afraid of future dumping, don't invest. In any crypto.

Oh, more facts: there's no annual inflation with NXT like there is in many other cryptos, no new NXT coins are created. There's no venture capitalist ever demanding to see return on investment and extract millions from 'his' company, or sell it off. The intitial 'investment' was only 21 btc. There's no millions of USD available for devs to play around with, like with some many other platform that came after NXT and which are most of the time companies, following company (and state) rules.

I am going to disagree with the majority of your "facts" because they are not such. Not semantically and in all probability, neither in any other way. "Not knowing" in not a "fact" is a state or circumstance. And it doesn't deny the possibility, probability or certainty. It simply hides it. And we are talking NXT here, not BTC or any other crypto.

It also isn't a "fact" that NXT has been in a bear market for over 2 years: In any case NXT has behaved in a similar way to many of its contemporary ALTS, including BTC. You want to call it a "bear market"? Be my guest. Others would have reasons to believe it isn't such but a search for its real value (use) and that there is a strong possibility that that value would end up being ZERO. No "fact", opinion.

We haven't spoken here -yet- of my personal fears, what I am afraid or not of, or what should I do if I am in fact afraid.

And definitely we don't know if there's any "fact" -or to what extent- in your affirmation that "some of the initial stakeholders continuously pushing the price down". We know one of the 72, maybe 2, sold their entire holdings. And very little else. I happen to agree with the statement in which many of those 72 have been and continue cashing in as much as they reasonably can to see the fruits of their initial very wise/lucky investment but, far from a "fact" it's just, at best, a more or less educated conclusion, nothing else.

Thank you for the absolutely unnecessary advice, though.
legendary
Activity: 1162
Merit: 1005
^^^^

I never said differently. But that hardly changes the facts stated above.

Yes, we can state it as fact. So what? You can't change the history. BTW, there is 43K of account these days participating in snapshotting, so distribution improved a lot Smiley

But I was talking about your statement of: "I know the immense majority of the coins in existence, and 99% of those being forged, belong to the same small group of people?". Where did you get this 99% number?
sr. member
Activity: 251
Merit: 250

I never said differently. But that hardly changes the facts stated above.

The fact is that you don't know what present distribution looks like a couple of years later, we don't know how many people hold more than one of these accounts https://www.mynxt.info/accounts. Do you know how many whales were stubborn enough nót to cash out or switch to other crypto blockchains these years? Do you know exactly what BTC distribution is? Or any crypto distribution? If that's important to you, it's quite simple: don't invest if you expect a giant dump by large holders. Exactly the same goes for Bitcoin. Do you expect Nakamoto to one day crash the markets?

Fact is that NXT has been in a 'bear market' for over 2 years, with some initial stakeholders continuously pushing the price down by selling their stakes. Fact is that some have donated millions to community projects. Fact is that anyone could have become a NXT millionaire at these prices, a fraction of a cent.

So if you are afraid of future dumping, don't invest. In any crypto.

Oh, more facts: there's no annual inflation with NXT like there is in many other cryptos, no new NXT coins are created. There's no venture capitalist ever demanding to see return on investment and extract millions from 'his' company, or sell it off. The intitial 'investment' was only 21 btc. There's no millions of USD available for devs to play around with, like with some many other platform that came after NXT and which are most of the time companies, following company (and state) rules.
legendary
Activity: 1162
Merit: 1000
^^^^

I never said differently. But that hardly changes the facts stated above.
legendary
Activity: 1162
Merit: 1005
^^^^

I'll substitute "everyone" for "a lot of people" from now on then, since it makes such a difference to you. I'll keep using "everyone NEW", if you don't mind though, for that was, clearle, the purpose of the term in this instance.

Why would I start a new service that most coins in existence already have... just like I was led to believe here, NXT (reliably) had? Why would I be interested in doing anything at all for a project in which I am contemplating to or I am an investor when I know the immense majority of the coins in existence, and 99% of those being forged, belong to the same small group of people? That wouldn't be very smart on my part, would it?

Thank you for the suggestion but I prefer to limit my contributions to this forum and this forum only. In my experience (although I respect counter opinions) the more abundant the sources of the same knowledge the more confusing it becomes... which in the case of NXT, for it's own over-complexity, can be very daunting.

Do you have any proof of bolded statement? Any link or other source could help.

You have every proof of that in the pages of this very thread -and others about the subject- right here in bitcointalk. Just off the top of my head I believe the original owners of all the coins were 72 individuals and except for one most of them still own the bulk of the coins. Naturally distribution would be a bit better now, after 3 years, but ... If you are really interested, the information is on this very thread, for the most part.

Edit to add.- or in cached versions since now this thread is censored and more probably than not many inconvenient posts may have disappeared. It is common knowledge though in the crypto world. And, by the way, there was nothing claimed as scammy since it was up for sale, publicly, and available for peanuts to anyone interested. It just so happened that only those 72 people bought the lot.

Well, bitcointalk is not the source you could trust 100% Smiley To much fud and trolling here Smiley Blockchain is the source and blockchain never lies. Yes, it was 72 people bought in NXT at the begining and I was late 1 week to do so Smiley Maybe just people couldn't believe first POS could work, it was completely new approach, and didn't participate in ICO. It was free for anybody to participate.
legendary
Activity: 1162
Merit: 1000
^^^^

I'll substitute "everyone" for "a lot of people" from now on then, since it makes such a difference to you. I'll keep using "everyone NEW", if you don't mind though, for that was, clearle, the purpose of the term in this instance.

Why would I start a new service that most coins in existence already have... just like I was led to believe here, NXT (reliably) had? Why would I be interested in doing anything at all for a project in which I am contemplating to or I am an investor when I know the immense majority of the coins in existence, and 99% of those being forged, belong to the same small group of people? That wouldn't be very smart on my part, would it?

Thank you for the suggestion but I prefer to limit my contributions to this forum and this forum only. In my experience (although I respect counter opinions) the more abundant the sources of the same knowledge the more confusing it becomes... which in the case of NXT, for it's own over-complexity, can be very daunting.

Do you have any proof of bolded statement? Any link or other source could help.

You have every proof of that in the pages of this very thread -and others about the subject- right here in bitcointalk. Just off the top of my head I believe the original owners of all the coins were 72 individuals and except for one most of them still own the bulk of the coins. Naturally distribution would be a bit better now, after 3 years, but ... If you are really interested, the information is on this very thread, for the most part.

Edit to add.- or in cached versions since now this thread is censored and more probably than not many inconvenient posts may have disappeared. It is common knowledge though in the crypto world. And, by the way, there was nothing claimed as scammy since it was up for sale, publicly, and available for peanuts to anyone interested. It just so happened that only those 72 people bought the lot.
legendary
Activity: 1162
Merit: 1005
^^^^

I'll substitute "everyone" for "a lot of people" from now on then, since it makes such a difference to you. I'll keep using "everyone NEW", if you don't mind though, for that was, clearle, the purpose of the term in this instance.

Why would I start a new service that most coins in existence already have... just like I was led to believe here, NXT (reliably) had? Why would I be interested in doing anything at all for a project in which I am contemplating to or I am an investor when I know the immense majority of the coins in existence, and 99% of those being forged, belong to the same small group of people? That wouldn't be very smart on my part, would it?

Thank you for the suggestion but I prefer to limit my contributions to this forum and this forum only. In my experience (although I respect counter opinions) the more abundant the sources of the same knowledge the more confusing it becomes... which in the case of NXT, for it's own over-complexity, can be very daunting.

Do you have any proof of bolded statement? Any link or other source could help.
legendary
Activity: 1162
Merit: 1000
^^^^

I'll substitute "everyone" for "a lot of people" from now on then, since it makes such a difference to you. I'll keep using "everyone NEW", if you don't mind though, for that was, clearle, the purpose of the term in this instance.

Why would I start a new service that most coins in existence already have... just like I was led to believe here, NXT (reliably) had? Why would I be interested in doing anything at all for a project in which I am contemplating to or I am an investor when I know the immense majority of the coins in existence, and 99% of those being forged, belong to the same small group of people? That wouldn't be very smart on my part, would it?

Thank you for the suggestion but I prefer to limit my contributions to this forum and this forum only. In my experience (although I respect counter opinions) the more abundant the sources of the same knowledge the more confusing it becomes... which in the case of NXT, for it's own over-complexity, can be very daunting.
legendary
Activity: 1162
Merit: 1005
^^^^

Maybe you can start new service like Mynxt by yourself and make it better? And please, don't use words like "everyone", as a lot of people know that it is third party service and is run voluntary by respected devs, thank you. Please join www.nxtforum.org or nxtchat slack for getting most updated and correct information. For slack there is invite site nxtchat.herokuapp.com
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