Ok. Laskhmi is your PoW currency secured by the Nxt PoS chain, right?
Almost. It's Lakshmi.
Ah ok. Named after the Hindu Goddess. Good name.
Topic: NXT :: descendant of Bitcoin - Updated Information - page 1280. (Read 2761629 times)
Ok. Laskhmi is your PoW currency secured by the Nxt PoS chain, right?
Almost. It's Lakshmi.
Ah ok. Named after the Hindu Goddess. Good name.
Sure thats true but it isn't really relevant. The question is whether nxt will cause the rich to get richer. Not whether everyone will get an equal rate of return on their investment.
lets go back... why is this an issue? This aint unicef. LIFE aint unicef. OK the rich do get richer, perhaps we should instead focus just on how things are and what this REALLY means. Like the talk about the initial stakeholders making a 4700% ROI immediately after genesis. So what? The period was open for OVER SIX WEEKS, that is like ages in comparison to all other altcoin ANN threads before then. (no Im not a genesis block stakeholder either) If the 'unfairness' of the 6 week period is all you can think of then you are a fool as you are really missing the whole POINT of NXT. Its not some stupid altcoin to get pumped and dumped like all others; its the basis for a completely new crypto currency infrastructure. Why are they not clamoring about the unfairness of all the early bitcoin adopters getting such a headstart.
Just dont even bother with trying to reason with unreasonable people. Problem solved, problem staying solved.
Yea I agree with a lot of that but the point wasn't to make value judgments. (i think i technically did and perhaps i shouldn't have) My intention was to examine the question of whether nxt would or would not tend to cause the rich to get richer at the expense of the poor.
also as a side note the net transfer would be very minor i think.
I think instead of focusing on the rich getting richer, we should focus on the poor not getting poorer.
In Bitcoin (and all it's clones), holders are basically paying a fee (10% of their holdings a year currently) just to hold their bitcoins. This fee is paid to miners, and the inflation it causes devalues everyone's stake. So the only people not getting poorer are ASIC manufacturers+friends mining huge amounts of bitcoin to dump, and passing that cost onto bitcoin holders. Thus, this is a very real situation of the rich getting richer, and the poor getting poorer.
In NXT, everyone who is a stakeholder is guaranteed to not lose a single percent of their stake, ever. Sure, the rich may forge the majority of blocks, but that in no way affects the small stakeholder's holdings. This lets the small stakeholder build his stake up over time (let's say he works hard and gets paid in NXT), his stake will continue to grow and grow as long as he makes the effort. He may eventually even become a big stakeholder himself. In Bitcoin, the small stakeholder loses 10% of his stake every year, and has to fight an overwhelming uphill battle to get to the top.
What if we politely ask those 75 biggest stakeholders not to forge for the time being? That's small change for them (isnt it?) and we have a nice answer against "rich getting richer" argument.
Also: Hi everyone, I am new here!
I think my explanation above is sufficient to show that.
P(A or B) =/= P(A) + P(B) in our case.
Ok. Laskhmi is your PoW currency secured by the Nxt PoS chain, right?
Almost. It's Lakshmi.
But this is completely another situation. Plz read my post carefully.
Edit: Hint - 100k account has 100 times higher chance than 1k account by definition (target = baseTarget*balance*time).
I don't oppose this definition. It's quite fine. At least that's what was promised from the beginning, and (hopefully) how it works now.
But this TF algorithm that is given in the wiki doesn't comply to this definition.
I think my explanation above is sufficient to show that.
Ok. Laskhmi is your PoW currency secured by the Nxt PoS chain, right?
Come-from-Beyond: Any news regarding Laskhmi [LAK]?
Yes, it's postponed by a week, so we won't take part in the AM contest.
Is there a thread about Laskhmi?
Come-from-Beyond: Any news regarding Laskhmi [LAK]?
Yes, it's postponed by a week, so we won't take part in the AM contest.
Thank you Sir, looking forward to it. If you need testers, just let me know.
Come-from-Beyond: Any news regarding Laskhmi [LAK]?
Yes, it's postponed by a week, so we won't take part in the AM contest.
Come-from-Beyond: Any news regarding Laskhmi [LAK]?
But this is completely another situation. Plz read my post carefully.
Ur resume is incorrect so ur post is incorrect as well.
Edit: Hint - 100k account has 100 times higher chance than 1k account by definition (target = baseTarget*balance*time).
For arbitrary ratio K between two wallets the probability ratio is 2K-1. For example, a wallet with 100k coins is 199 times more likely to forge a block than 1k wallet.
Incorrect. Already discussed million times. For example, here - https://bitcointalksearch.org/topic/m.4558989
Dervish's formula is incorrect. I explained it here with pictures and formulas here:
https://nextcoin.org/index.php/topic,2849.msg33659.html#msg33659
But this is completely another situation. Plz read my post carefully.
Guys I am in deperate need for a feature and for a reason price I will generiously pay
MASTER PULIC KEY ACCOUNT NUMBER GENERATION, ELECTRUM STYLE
any one can make this happen around here? I am willing to PAY for working code and concept and release it open source.
- Lophie
MASTER PULIC KEY ACCOUNT NUMBER GENERATION, ELECTRUM STYLE
any one can make this happen around here? I am willing to PAY for working code and concept and release it open source.
- Lophie
Do u have more info for those who don't use Electrum?
Guys I am in deperate need for a feature and for a reason price I will generiously pay
MASTER PULIC KEY ACCOUNT NUMBER GENERATION, ELECTRUM STYLE
any one can make this happen around here? I am willing to PAY for working code and concept and release it open source.
- Lophie
MASTER PULIC KEY ACCOUNT NUMBER GENERATION, ELECTRUM STYLE
any one can make this happen around here? I am willing to PAY for working code and concept and release it open source.
- Lophie
For arbitrary ratio K between two wallets the probability ratio is 2K-1. For example, a wallet with 100k coins is 199 times more likely to forge a block than 1k wallet.
Incorrect. Already discussed million times. For example, here - https://bitcointalksearch.org/topic/m.4558989
Transition to Transparent Forging (at least the way it is described in the wiki) will ruin the axiom of
Here's why.
Steps 3-5 in http://wiki.nxtcrypto.org/wiki/Transparent_Forging from the statistics point of view are equivalent to comparing random numbers uniformly distributed between 0 and 1/N where N is number of coins in the wallet (normalization coefficient is the same for all wallets and is omitted for clarity).
Now imagine that you throw a dice with numbers from 1 to 6 and your opponent throws a semi-dice with three possible values from 1 to 3. Who gets the lower number wins the round. In half of the cases you will throw 4-6 and win. In the other half you will have 50:50 chances to win. Thus your chances are 1/2 + 1/4 = 0.75 and his chances are 1/4 = 0.25. Which is 3 times lower.
For arbitrary ratio K between two wallets the probability ratio is 2K-1. For example, a wallet with 100k coins is 199 times more likely to forge a block than 1k wallet.
Quote
"Rate of return to 1 Nxt is the same regardless how many Nxt you have."
Here's why.
Steps 3-5 in http://wiki.nxtcrypto.org/wiki/Transparent_Forging from the statistics point of view are equivalent to comparing random numbers uniformly distributed between 0 and 1/N where N is number of coins in the wallet (normalization coefficient is the same for all wallets and is omitted for clarity).
Now imagine that you throw a dice with numbers from 1 to 6 and your opponent throws a semi-dice with three possible values from 1 to 3. Who gets the lower number wins the round. In half of the cases you will throw 4-6 and win. In the other half you will have 50:50 chances to win. Thus your chances are 1/2 + 1/4 = 0.75 and his chances are 1/4 = 0.25. Which is 3 times lower.
For arbitrary ratio K between two wallets the probability ratio is 2K-1. For example, a wallet with 100k coins is 199 times more likely to forge a block than 1k wallet.
a sneak peak to my idea about a green Nxt video:
http://www.youtube.com/watch?v=ic_WLMPX888&feature=youtu.be
http://www.youtube.com/watch?v=ic_WLMPX888&feature=youtu.be
Wow, way cool dude
Hey salsacz... this is what happens if one cannot make it to Iceland...
https://bitcointalksearch.org/topic/m.4808083
Haha
Marketing material!
Why did not plan to release the client by the 26th?
@ CfB
when is the deadline for AM contest?
when is the deadline for AM contest?
Voting is starting on 1st of Feb.
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