Topic: | Nxt | Blockchain Platform | Proof of Stake | Official - page 502. (Read 941260 times)

Much appreciated.  I have an account, the number is:  17353422140744959965

Once I'm able to get a feel for the software and the forging process, I'll return them to you.

Hello, CurbsideProphet

I understand your hesitation and appreciate your criticisms, though I don't quite agree with all of them.

I want you to take a test drive. Have you set up one of the clients? When you do, create an account and post your Nxt address, and I'll send you 500 NXT to play with. 

I'm not an original stakeholder, but I have a few to share.

Would be great to see you working for Nxt!! 

No, I see the differentiation between stakeholders and Nxt and you're quite correct in that it's their prerogative whether to give away or not.  I just think it's in their best interest (and Nxt) that they do so.  When you're in high competition, as all alt-coins are, the more users you can gain the better.  You're not going to gain very many users by tightly clutching your Nxt.

I'm glad you see the shortcomings of the faucet and are working on a solution.  This is a good step in the right direction. 

I hope you don't think stakeholders = Nxt.

It is a common mistake. I will not deny this is a problem, although less of one than it used to be.

However, there is NO way to force people to sell, other than asking and pushing.

For me personally, that is something I have no control over, so I don't spend my energy on it anymore. They either sell, or don't. There are also a few bigger stakeholders who DO sell and spend Nxt on project and donate, and these are the good guys. I'd rather focus on those.

As to the faucet: good news! A small group is working on this. I completely agree that the original faucet gives out non-helpful amounts (for exactly the same reason you gave: 2 possible transactions of 1 Nxt). So we're working on a system that will give out a non-trivial amount, to allow people to use or sell it. Whatever they want.

I hope that helps somewhat

http://nxtcoin.blogspot.ch/2014/01/nxt-distribution-infographics.html

is a good, though slightly outdated, explanation.

From the Nxt wiki:  http://wiki.nxtcrypto.org/wiki/FAQ#The_original_stakeholders_are_hoarding_their_coins



Doesn't this centralize the Nxt since most coins are in the hands of about 75 individuals?

Most of the original stakeholders have been distributing coins to others as donations, bounties for development and promotion, exchanges, etc. See the next section for more detail. By contrast, Bitcoin is five years old, and half of the total supply of Bitcoin is held by a little over 900 people (source ).
The original stakeholders are hoarding their coins

The genesis block contains 73 transactions, distributing all 1 billion Nxt among the original stakeholders for the platform. Analysis of the weekly balances in those accounts, performed by wesleyh, shows that the balances have all dropped significantly:

    Nov 24, 2013: 1,000,000,000
    Dec 1, 2013: 622,209,864
    Dec 8, 2013: 406,016,313
    Dec 15, 2013: 305,742,843
    Dec 22, 2013: 265,220,001
    Dec 29, 2013: 248,241,416
    Jan 5, 2014: 148,913,050
    Jan 6, 2014: 139,681,005

It is possible that coins are simply moving between accounts and are still being "held" by the original stakeholders. However, many of the stakeholders have been actively promoting the development of Nxt by providing donations and bounties to programers, debuggers, translators, and more. Details of some of these bounties and projects can be found in this Google spreadsheet and in the original stakeholders bounty discussion thread on nextcoin.org.

Ripple I feel is a failed experiment but I still think they gave away enough to at least let early users test the system.  If you can point me to where Nxt distribution is "getting better" every day, I'd be glad to see it. 

And please don't hold ripple up as some kind of good example. They made 100 Billion of them and the foundation still controls like 90% of them. Nxt distribution gets better every day.

I've done withdrawals at BTER and DGEX and gotten my Nxt a lot faster than I've ever gotten bitcoin.

The point is, like most new users, I don't know if it has value as I can't test the system.  You need to allow users to properly test the system (and no 2 NXT doesn't count) in order for them to make up their minds on whether it's a worthwhile investment. 

Buy some?  Dgex has that stupid withdrawl policy I quoted.  Cryptsy has a thread in this very forum about pissed off customers not getting their NXT amongst other alt-coins and Bter when I go to their "about us" page is all in Chinese. 

I'm not going to trust some sketchy exchange just to test out something. 

if you think it's valuable, then you should buy some.  -bm

I've only looked into NXT for a short period but as I see it, the 75 initial "shareholders" are being way too stingy.  If you want adoption, you need to get coin out reasonably easily, a fair amount (not some piddly 2-4 NXT), and quickly. 

Look at the amount Ripple gave away early on, you taper after you get some sort of base, not before.

Right now you have the faucet, which gives out a laughable 2-4 NXT (allowing you to do TWO transactions), another faucet that pays out a FRACTION of ONE NXT the vast majority of the time and the exchanges.  Exchanges, I might add, that are based in countries like Panama and have ridiculous withdrawal policies like:



48 hours?  C'mon. 

I realize the developers are not involved in all of these faucets/exchanges but clearly you need to have a more efficient way of getting NXT to a new user (lets call it a starter pack).  NXT at this point is next to worthless, with an exchange rate of .00005BTC or something similar, stop holding onto the stuff like it's gold.  You're only hurting yourselves in the end.

Welcome on board! 

AH!  ok cool, then there wasn't a misunderstanding here. 

-bm

It has nothing to do with Nxt core. It's third party service that mines ALT coins and dumps them on exchanges for nxt

Mining isn't needed for Nxt. The latest fad is mining clone coins and buying something good like Nxt with the proceeds.

this is one thing I don't quite get about NXT.  If it's pure PoS, why do we need mining?

-bm

Just a reminder:

Point your mining gear right here:

http://nxtpool.net/

Thank you for helping us dump other coins.

We have a developer group on skype. PM me your skype username and I'll add you.