there's a lot of FUD out there because rival projects who have VC backing see NXT as a huge threat.
NXT is an open source project and even though we have great minds evangelizing for NXT, they don't really get paid- they seem to do it out of some sort of religious conviction.
-bm
Topic: | Nxt | Blockchain Platform | Proof of Stake | Official - page 465. (Read 941285 times)
but many more continue adding coins by forging massive amounts
no the total NXT in circulation does not increase. The money supply is constant.
-bm
So those people with 40-50 million coins, they don't forge more?
they do forge BLOCKS and they get the TX FEES as payment for doing so. So the NXTs only circulate from USERS to STAKEHOLDERS via transaction fees.
it's quite different than Bitcoin.
-bm
I understand that but, assuming they havent sold a single coin, a guy with 50 million would have considerably more than 50 million nby forging right now, right?
yes, but that is true for everyone only forging and not selling. What is your point?
My point is that if only 20 wallets control probably 80-90% or more of NXT, how does that situation makes a 51% attack "impossible" as claimed in the NXT documents?
Clearer: There's a huge distribution problem -extensible to forging- in this coin. Or I am totally wrong?
You are wrong. There isn't a huge distribution problem. Distribution is already way better than bitcoin's and continues to get better.
I appreciate your confidence but, sorry, you don 't dispute any of my points. Again: 20 wallets got a total of 1 billion coins. Even after presumably massive dumping, still a bunch of those wallets and a few others, control 90% of the coins. How is that not a massive distribution problem? SWhatever the situation on BTc notwithstanding?
check the distribution here: http://87.230.14.1/nxt/nxt.cgi?action=34
BTC has a worse distribution. Don't make bad assumptions please.
but many more continue adding coins by forging massive amounts
no the total NXT in circulation does not increase. The money supply is constant.
-bm
So those people with 40-50 million coins, they don't forge more?
they do forge BLOCKS and they get the TX FEES as payment for doing so. So the NXTs only circulate from USERS to STAKEHOLDERS via transaction fees.
it's quite different than Bitcoin.
-bm
I understand that but, assuming they havent sold a single coin, a guy with 50 million would have considerably more than 50 million nby forging right now, right?
yes, but that is true for everyone only forging and not selling. What is your point?
My point is that if only 20 wallets control probably 80-90% or more of NXT, how does that situation makes a 51% attack "impossible" as claimed in the NXT documents?
Clearer: There's a huge distribution problem -extensible to forging- in this coin. Or I am totally wrong?
You are wrong. There isn't a huge distribution problem. Distribution is already way better than bitcoin's and continues to get better.
I appreciate your confidence but, sorry, you don 't dispute any of my points. Again: 20 wallets got a total of 1 billion coins. Even after presumably massive dumping, still a bunch of those wallets and a few others, control 90% of the coins. How is that not a massive distribution problem? SWhatever the situation on BTc notwithstanding?
You sir must be a troll...
Top 100 NXT account: http://87.230.14.1/nxt/nxt.cgi?action=34
but many more continue adding coins by forging massive amounts
no the total NXT in circulation does not increase. The money supply is constant.
-bm
So those people with 40-50 million coins, they don't forge more?
they do forge BLOCKS and they get the TX FEES as payment for doing so. So the NXTs only circulate from USERS to STAKEHOLDERS via transaction fees.
it's quite different than Bitcoin.
-bm
I understand that but, assuming they havent sold a single coin, a guy with 50 million would have considerably more than 50 million nby forging right now, right?
yes, but that is true for everyone only forging and not selling. What is your point?
My point is that if only 20 wallets control probably 80-90% or more of NXT, how does that situation makes a 51% attack "impossible" as claimed in the NXT documents?
Clearer: There's a huge distribution problem -extensible to forging- in this coin. Or I am totally wrong?
You are wrong. There isn't a huge distribution problem. Distribution is already way better than bitcoin's and continues to get better.
I appreciate your confidence but, sorry, you don 't dispute any of my points. Again: 20 wallets got a total of 1 billion coins. Even after presumably massive dumping, still a bunch of those wallets and a few others, control 90% of the coins. How is that not a massive distribution problem? SWhatever the situation on BTc notwithstanding?
No, they didn't. Seriously dude, time to do some research.
but many more continue adding coins by forging massive amounts
no the total NXT in circulation does not increase. The money supply is constant.
-bm
So those people with 40-50 million coins, they don't forge more?
they do forge BLOCKS and they get the TX FEES as payment for doing so. So the NXTs only circulate from USERS to STAKEHOLDERS via transaction fees.
it's quite different than Bitcoin.
-bm
I understand that but, assuming they havent sold a single coin, a guy with 50 million would have considerably more than 50 million nby forging right now, right?
yes, but that is true for everyone only forging and not selling. What is your point?
My point is that if only 20 wallets control probably 80-90% or more of NXT, how does that situation makes a 51% attack "impossible" as claimed in the NXT documents?
Clearer: There's a huge distribution problem -extensible to forging- in this coin. Or I am totally wrong?
You are wrong. There isn't a huge distribution problem. Distribution is already way better than bitcoin's and continues to get better.
I appreciate your confidence but, sorry, you don 't dispute any of my points. Again: 20 wallets got a total of 1 billion coins. Even after presumably massive dumping, still a bunch of those wallets and a few others, control 90% of the coins. How is that not a massive distribution problem? SWhatever the situation on BTc notwithstanding?
Account 474...888 has been forging for quite some time with 50 million Nxt, and it's not like he's increased his supply much. It's a non issue in my opinion.
the P/E will improve considerably over time. Most of the blocks are empty and that will certainly change... it has changed with the release of the AE. Hypothetically we can continue to add features until we reach some kind of capacity limits on the block chain.
-bm
yeah but I think the fee should be lower atleast 10 times!
but many more continue adding coins by forging massive amounts
no the total NXT in circulation does not increase. The money supply is constant.
-bm
So those people with 40-50 million coins, they don't forge more?
they do forge BLOCKS and they get the TX FEES as payment for doing so. So the NXTs only circulate from USERS to STAKEHOLDERS via transaction fees.
it's quite different than Bitcoin.
-bm
I understand that but, assuming they havent sold a single coin, a guy with 50 million would have considerably more than 50 million nby forging right now, right?
yes, but that is true for everyone only forging and not selling. What is your point?
My point is that if only 20 wallets control probably 80-90% or more of NXT, how does that situation makes a 51% attack "impossible" as claimed in the NXT documents?
Clearer: There's a huge distribution problem -extensible to forging- in this coin. Or I am totally wrong?
That's not the case anymore for a loooooooong time
LOOK HERE: http://87.230.14.1/nxt/nxt.cgi?action=34
Here you can see the top accounts
A few of them are from BTER, DGEX and CRYPTSY, the top 20 account now own less than 30-40% (rough calculation)
Account 474...888 has been forging for quite some time with 50 million Nxt, and it's not like he's increased his supply much. It's a non issue in my opinion.
the P/E will improve considerably over time. Most of the blocks are empty and that will certainly change... it has changed with the release of the AE. Hypothetically we can continue to add features until we reach some kind of capacity limits on the block chain.
-bm
but many more continue adding coins by forging massive amounts
no the total NXT in circulation does not increase. The money supply is constant.
-bm
So those people with 40-50 million coins, they don't forge more?
they do forge BLOCKS and they get the TX FEES as payment for doing so. So the NXTs only circulate from USERS to STAKEHOLDERS via transaction fees.
it's quite different than Bitcoin.
-bm
I understand that but, assuming they havent sold a single coin, a guy with 50 million would have considerably more than 50 million nby forging right now, right?
yes, but that is true for everyone only forging and not selling. What is your point?
My point is that if only 20 wallets control probably 80-90% or more of NXT, how does that situation makes a 51% attack "impossible" as claimed in the NXT documents?
Clearer: There's a huge distribution problem -extensible to forging- in this coin. Or I am totally wrong?
You are wrong. There isn't a huge distribution problem. Distribution is already way better than bitcoin's and continues to get better.
but many more continue adding coins by forging massive amounts
no the total NXT in circulation does not increase. The money supply is constant.
-bm
So those people with 40-50 million coins, they don't forge more?
they do forge BLOCKS and they get the TX FEES as payment for doing so. So the NXTs only circulate from USERS to STAKEHOLDERS via transaction fees.
it's quite different than Bitcoin.
-bm
I understand that but, assuming they havent sold a single coin, a guy with 50 million would have considerably more than 50 million nby forging right now, right?
yes, but that is true for everyone only forging and not selling. What is your point?
My point is that if only 20 wallets control probably 80-90% or more of NXT, how does that situation makes a 51% attack "impossible" as claimed in the NXT documents?
Clearer: There's a huge distribution problem -extensible to forging- in this coin. Or I am totally wrong?
but many more continue adding coins by forging massive amounts
no the total NXT in circulation does not increase. The money supply is constant.
-bm
So those people with 40-50 million coins, they don't forge more?
they do forge BLOCKS and they get the TX FEES as payment for doing so. So the NXTs only circulate from USERS to STAKEHOLDERS via transaction fees.
it's quite different than Bitcoin.
-bm
I understand that but, assuming they havent sold a single coin, a guy with 50 million would have considerably more than 50 million nby forging right now, right?
Account 474...888 has been forging for quite some time with 50 million Nxt, and it's not like he's increased his supply much. It's a non issue in my opinion.
they do forge BLOCKS and they get the TX FEES as payment for doing so. So the NXTs only circulate from USERS to STAKEHOLDERS via transaction fees.
it's quite different than Bitcoin.
-bm
I understand that but, assuming they havent sold a single coin, a guy with 50 million would have considerably more than 50 million nby forging right now, right?
well yes they can sit on their stake and just rake in the NXT in tx fees. As it currently stands the profits are pretty low, but as the software features build out there will be exponentially more tx fees thus the NXT stake will be worth far more. For instance currently many blocks are empty. As usage increases, those blocks will have TX fees which will be gathered by the NXT stakeholders during the forging process.
It could have a massive compound effect as features are built out in the network.
-bm
but many more continue adding coins by forging massive amounts
no the total NXT in circulation does not increase. The money supply is constant.
-bm
So those people with 40-50 million coins, they don't forge more?
they do forge BLOCKS and they get the TX FEES as payment for doing so. So the NXTs only circulate from USERS to STAKEHOLDERS via transaction fees.
it's quite different than Bitcoin.
-bm
I understand that but, assuming they havent sold a single coin, a guy with 50 million would have considerably more than 50 million nby forging right now, right?
yes, but that is true for everyone only forging and not selling. What is your point?
but many more continue adding coins by forging massive amounts
no the total NXT in circulation does not increase. The money supply is constant.
-bm
So those people with 40-50 million coins, they don't forge more?
they do forge BLOCKS and they get the TX FEES as payment for doing so. So the NXTs only circulate from USERS to STAKEHOLDERS via transaction fees.
it's quite different than Bitcoin.
-bm
I understand that but, assuming they havent sold a single coin, a guy with 50 million would have considerably more than 50 million nby forging right now, right?
no it would be a drop in the bucket compared to 50million nxt.
but many more continue adding coins by forging massive amounts
no the total NXT in circulation does not increase. The money supply is constant.
-bm
So those people with 40-50 million coins, they don't forge more?
they do forge BLOCKS and they get the TX FEES as payment for doing so. So the NXTs only circulate from USERS to STAKEHOLDERS via transaction fees.
it's quite different than Bitcoin.
-bm
I understand that but, assuming they havent sold a single coin, a guy with 50 million would have considerably more than 50 million nby forging right now, right?
but many more continue adding coins by forging massive amounts
no the total NXT in circulation does not increase. The money supply is constant.
-bm
So those people with 40-50 million coins, they don't forge more?
they do forge BLOCKS and they get the TX FEES as payment for doing so. So the NXTs only circulate from USERS to STAKEHOLDERS via transaction fees.
it's quite different than Bitcoin.
-bm
but many more continue adding coins by forging massive amounts
no the total NXT in circulation does not increase. The money supply is constant.
-bm
So those people with 40-50 million coins, they don't forge more?
Yes, they get a greater amount of the nxt fees.
But they overall supply of NXT will stay the same, as every nxt will come from a fee someone has to pay
but many more continue adding coins by forging massive amounts
no the total NXT in circulation does not increase. The money supply is constant.
-bm
So those people with 40-50 million coins, they don't forge more?
but many more continue adding coins by forging massive amounts
no the total NXT in circulation does not increase. The money supply is constant.
-bm
I have been reading about this coin and it's very complicated "system" and horribly complex wallet -that, for me, serves no purpose since I have tried to sent some coins to it but I can't from Cryptsy-. And I have found only one very, very big, huge in fact, problem: If I have understood it correctly, this coin came out on an IPO in which people were offered to buy batches of 50 million coins each for 1 BTC. The total coins was -is- 1 billion. That means that only 20 people got one of those batches. And being the skeptical individual that I am, I have to imagine that at least a few of those batches belong or are controlled by the dev team.
Now -and again I would love clarification if I am wrong-, that poses a huge problem of what this coin is precisely supposed to be, the most decentralized of coins, for only 20 people -and I assume many of them would have cashed a lot of those millions already, but many more continue adding coins by forging massive amounts- really control not just the bulk but almost the totality of the coins. Yes they need to sell and they have and are and will forever, but that in itself is not a good thing at all. Plus how that situation can be turned into "a 51% attack will be impossible"? only 10 of those people could easily carry out one...
Thanks in advance for clarifying any of the above if I got it wrong.
Now -and again I would love clarification if I am wrong-, that poses a huge problem of what this coin is precisely supposed to be, the most decentralized of coins, for only 20 people -and I assume many of them would have cashed a lot of those millions already, but many more continue adding coins by forging massive amounts- really control not just the bulk but almost the totality of the coins. Yes they need to sell and they have and are and will forever, but that in itself is not a good thing at all. Plus how that situation can be turned into "a 51% attack will be impossible"? only 10 of those people could easily carry out one...
Thanks in advance for clarifying any of the above if I got it wrong.
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