(Sorry for interrupting the discussion)
Nice thread. +1440
Good to have some form of advertising back on BTT.
Topic: | Nxt | Blockchain Platform | Proof of Stake | Official - page 527. (Read 941285 times)
I see your problem, because it indirectly decreases the trading value for one whole NXT. Because now people have the option to trade a fraction of 1 NXT i.o. 1 whole NXT.
It doesn't decrease the value of whole nxt. It increases it as your one nxt is equal to 100000000 nqt. If many more new users start trading in NQT, you who once held 1 nxt got richer.
Just a quick reply to the ones who claim it will make tx cheaper. 0.01NXT (the min in current implementation) would make nxt 10 times cheaper than bitcoin which means when NXT is 10 times the current exchange rate against bitcoin it is STILL as cheap.
Because the mining paradigm is very different from bitcoin (no need for a market between miners and transactors), There is no need to worry about it getting "expensive", unless it gets INSTANE attraction (traffic and transactions) tens and hundreds in multitudes than bitcoin.
Because the mining paradigm is very different from bitcoin (no need for a market between miners and transactors), There is no need to worry about it getting "expensive", unless it gets INSTANE attraction (traffic and transactions) tens and hundreds in multitudes than bitcoin.
It's like saying that if you have $100 bill, and you convert it to 100000 cents , you just diluted your money.
There is no logic to to that claim as $100 = 100000 cents
There is no logic to to that claim as $100 = 100000 cents
okay, now assume there is only a fixed amount of dollars that no one can make more, ever. Imagine the distrbution to 70 people from the start. Then "after a while" take every dollars and cut it to 100000 part where each part also works in this currency system. Add to that that this dollar system is open source where the services it provides can be copied and adopted in a new system which can be launched at any moment.
Now the goal is to keep users on THIS CHAIN not THIS TECHNOLOGY, make it work.
Interesting argument... Hmmm. There is some truth to this.
I see your problem, because it indirectly decreases the trading value for one whole NXT. Because now people have the option to trade a fraction of 1 NXT i.o. 1 whole NXT.
How would you try to work around the following scenario: 1NXT = $10. I want to buy something which is worth $1. How would you do this?
1. things would get crazy expensive to buy with NXT or 2. you need to allow decimal places.
Delution of the money supply.................... I loved nxt till now........ how are we still tolerating this BS???
Why are you saying this Lophie? Or even this?:
I just noticed the dilution. I am very disappointed. NXT has no future but as a SCAM coin because of this. It is gicing more trouble than what it is trying to fix.
What "dilution" are you talking about? What have just happened to change your mind???
- NQT (nxtQuant)
nxtQuant, or 0,00000001 NXT, goes live at block 132,000.
For every single reason that makes me believe in bitcoin, now is making me tell you all. NXT is a JOKE. You had something good and took it too far, you broke it.
BCNxt is a genius of approached a problem very nicely (mining in a 100% proof of stake). The initial spread of the NXT was not the best (I have better suggestions to post later) but it is still accepted. Maybe you all forgot suddenly but bitcoin is making money out of thin air and this is why everyone is losing their minds about it all over the globe. It got attraction because for the people who understands the economics involving bitcoin find it very sound.
Good luck going anywhere toward a main stream crypto when you increase the money supply by 10^6 at a certain block, forcing all users to adopt the chain by unifying the client from one source and giving existing owners of 100% of the supply 10^6 more tokens in the system in a flash? You really expect the price to "increase" and "to the moon"? Get real!
What do you provide? asset exchange and other features? the source is open and actually a smaller well connected forked network will perform better for the asset exchange NXT is offering.
Congrats guys, Block 132,000 is the death of nxt as a crypto "currency". Maybe it will survive as something else but it definitely dead in my eyes as a decenteralized crypto currency. Even NovaCoin suffered less than what NXT would, very soon.........
suggestion? reboot the network, new genesis; or stop the delution before it hits.
Oh dear... I think someone has reacted prematurely
I'm still behind a page so don't know how this turns out!
Then "after a while" take every dollars and cut it to 100000 part where each part also works in this currency system.
What that would mean is that 100000 part would be equal to 1 dollar. In fact, since more people would use all these smaller parts, it would in fact increase the value of 1 dollar. It's not dilution. If anything, it will increase the value of 1 dollar
Lophie,
I dare you to come to https://nxtforum.org and talk with Come-from-Beyond about this.
But I don't know if he has time to answer your FUD.
I dare you to come to https://nxtforum.org and talk with Come-from-Beyond about this.
But I don't know if he has time to answer your FUD.
When I have time to arrange my arguement and thoughts, sure I love to be proven wrong how else would I learn
. Just ask no need to "dare" or anything.Ok guys.
Sorry for my words.
We'll love to see you there and talk about this with all of the developers. Because the developers are mainly active in our own forum.
Lophie,
I dare you to come to https://nxtforum.org and talk with Come-from-Beyond about this.
But I don't know if he has time to answer your FUD.
Please don't label it as FUD, this is a real concern of him, so answer it in a normal manner...I dare you to come to https://nxtforum.org and talk with Come-from-Beyond about this.
But I don't know if he has time to answer your FUD.
Maybe he shouldn't scream Scam before he asks a few questions and figures things out.
Lophie,
I dare you to come to https://nxtforum.org and talk with Come-from-Beyond about this.
But I don't know if he has time to answer your FUD.
I dare you to come to https://nxtforum.org and talk with Come-from-Beyond about this.
But I don't know if he has time to answer your FUD.
When I have time to arrange my arguement and thoughts, sure I love to be proven wrong how else would I learn
. Just ask no need to "dare" or anything.
We can't change it, so just see what happens. We'll talk later after the launch of nxtQuant. I have trust!
Lophie,
I dare you to come to https://nxtforum.org and talk with Come-from-Beyond about this.
But I don't know if he has time to answer your FUD.
I dare you to come to https://nxtforum.org and talk with Come-from-Beyond about this.
But I don't know if he has time to answer your FUD.
When I have time to arrange my arguement and thoughts, sure I love to be proven wrong how else would I learn
. Just ask no need to "dare" or anything. Just a reminder, we need devs to help CIYAM test AT. Please post if you can help, it's a very important project and we need all available resources helping CIYAM.
https://nxtforum.org/automated-transactions/information-of-the-at-project/
http://ciyam.org/open/?cmd=view&data=20140220164742097000&ident=M100V137&chksum=065ecf7d
https://nxtforum.org/automated-transactions/information-of-the-at-project/
http://ciyam.org/open/?cmd=view&data=20140220164742097000&ident=M100V137&chksum=065ecf7d
Do we need 'proper' testers or can click-around-and-hope-for-the-best testers be useful?
At this point he needs proper dev testers. It's a fairly technical project and there is no UI for the layman to test (like AE).
I believe he needs coders to write unit tests (java coders).
Let me know when you need the latter group!
Lophie,
I dare you to come to https://nxtforum.org and talk with Come-from-Beyond about this.
But I don't know if he has time to answer your FUD.
Please don't label it as FUD, this is a real concern of him, so answer it in a normal manner... I dare you to come to https://nxtforum.org and talk with Come-from-Beyond about this.
But I don't know if he has time to answer your FUD.
It's like saying that if you have $100 bill, and you convert it to 100000 cents , you just diluted your money.
There is no logic to to that claim as $100 = 100000 cents
There is no logic to to that claim as $100 = 100000 cents
okay, now assume there is only a fixed amount of dollars that no one can make more, ever. Imagine the distrbution to 70 people from the start. Then "after a while" take every dollars and cut it to 100000 part where each part also works in this currency system. Add to that that this dollar system is open source where the services it provides can be copied and adopted in a new system which can be launched at any moment.
Now the goal is to keep users on THIS CHAIN not THIS TECHNOLOGY, make it work.
For those who don't understand. Nxt was only tradeable in whole numbers before i.e. 7Nxt, 8Nxt. Now it will be tradeable down to the 8th decimal place i.e. 7.55Nxt, 8.302 Nxt et.. That's it. That's what he is on about.
It's like saying that if you have $100 bill, and you convert it to 100000 cents , you just diluted your money.
There is no logic to to that claim as $100 = 100000 cents
precisley but it just became easier to use and possibilly accepted at more shops. Here in the uk we struggle to use £50 notes but we can spend it easier split up into multiples. There is no logic to to that claim as $100 = 100000 cents
Lophie,
I dare you to come to https://nxtforum.org and talk with Come-from-Beyond about this.
But I don't know if he has time to answer your FUD.
I dare you to come to https://nxtforum.org and talk with Come-from-Beyond about this.
But I don't know if he has time to answer your FUD.
Well to avoid digging in an issue that this community might overcome I will summarise by quoting myself:
Start with a couple of questions that I asked myself in 2010, Why would a satoshi worth anything to begin with? How does the bitcoin protocol ensure the money supply? What does it mean if that changed (Generation rate of money supply, amount of tokens in the system, etc). If someone would suggest that this can be added to bitcoin I would argue that it is not the same because the paradigm of token distribution is VERY different.
Also adding that quant idea is assigning a new initial value for nxt by the devs.
That is my arguement.
It's like saying that if you have $100 bill, and you convert it to 100000 cents , you just diluted your money.
There is no logic to to that claim as $100 = 100000 cents
There is no logic to to that claim as $100 = 100000 cents
I am trying to understand what Lophie've just said. And It is not an easy task....
What hé is saying is that the amount of tokens in the system will be multiplied by 10^6.
Actually, what is happening is that we are just allowing transactions of fractions. Nxt is still the only basis and is not increased. 1 billion (even less than that)
Because if what he says is true, this would mean that we had multiplied it by a lot more.
He is confusing a "label" with a "thing".
We will for instance also allow the transacting of 0,001 Nxt, but have given it no discrete name. If we had, would this have increased the amount of tokens? Of course not.
Name =/= substance.
Jump to: