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Topic: NXT :: descendant of Bitcoin - Updated Information - page 1282. (Read 2761629 times)

legendary
Activity: 1722
Merit: 1217
...
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.
...

ok this should be interesting.  let me sleep on it.  But my first take would be that, NXT being a zero sum game (unlike wealth) does cause that.  Though not strictly "unfairly" where the poor get nothing in return for paying the rich

I think even if this were a legit criticism i think it would be a bit like saying that nausea as a side effect is a legit criticism of some break through life saving medicine. which would be true but a little bit beside the point if you are dying of cancer (like we are right now from the cancer called the state) and this medicine could potentially save you.
legendary
Activity: 2142
Merit: 1010
Newbie
How about... a transparent nxt monolith.
Proportions 1:4:9 as in 2001: A Space Odyssey Cool

https://dl.dropboxusercontent.com/u/18301977/gvans%20nxt%20monolith1.png

That would be a nice paperweight.

Or cookie cutter.
legendary
Activity: 2142
Merit: 1010
Newbie
Looking at the logo I just realized that we are... The Currency of Two Escalators Smiley

We are going to the :



I'm sorry, but the pic looks like u will miss the moon. U should redraw it for people who pay attention to details and aspergers.
full member
Activity: 238
Merit: 100
...
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.
...

ok this should be interesting.  let me sleep on it.  But my first take would be that, NXT being a zero sum game (unlike wealth) does cause that.  Though not strictly "unfairly" where the poor get nothing in return for paying the rich
legendary
Activity: 1722
Merit: 1217
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.
full member
Activity: 238
Merit: 100
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.
sr. member
Activity: 644
Merit: 250
***Action Item***

One of our priorities needs to be able to get Nxt into the hands of people without Bitcoin.

You can purchase NXT without Bitcoin via CryptoKopen.eu.
legendary
Activity: 1722
Merit: 1217
NxtMyths 6: What is Nxt mining and why is Proof of Work bad?

After many weeks of collecting various materials about this topic:

https://drive.google.com/file/d/0BwAGADgnQcrtcDhZTHRtSWNPUkU/edit?usp=sharing

- you can add comments

NXT Donations: 15003961341330858247
Cheesy  Kiss


7. Rich get richer - coming soon

I look forward to rich get richer because i think it may be a legit criticism. I would love for you to make a strong argument to the contrary. here is my line of thinking.

If you think through the forging process logically suppose you have 2 actors forging, one with 2million nxt and one with 1million nxt. The net balance of payments will tend to flow from the account with 2million nxt into the account with 1 million nxt only if the account with 2million nxt engages in greater than twice as many transactions as the account with 1 million nxt. This indicates that its not necessarily about how much nxt you have, how many transactions you make plays a big part. The problem is we see that studies on consumption taxes indicate that they tend to be highly regressive. The same logic applied here means that the rich would tend to get richer.

with that said sometimes life isnt about ideals. sometimes life is about picking the least bad option.

Easy.  Everyone gets an equal rate of return on their investment.  At least you don't have banks and all other forms of middlemen skimming off the top.



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.
legendary
Activity: 1722
Merit: 1217
NxtMyths 6: What is Nxt mining and why is Proof of Work bad?

After many weeks of collecting various materials about this topic:

https://drive.google.com/file/d/0BwAGADgnQcrtcDhZTHRtSWNPUkU/edit?usp=sharing

- you can add comments

NXT Donations: 15003961341330858247
Cheesy  Kiss


7. Rich get richer - coming soon

I look forward to rich get richer because i think it may be a legit criticism. I would love for you to make a strong argument to the contrary. here is my line of thinking.

If you think through the forging process logically suppose you have 2 actors forging, one with 2million nxt and one with 1million nxt. The net balance of payments will tend to flow from the account with 2million nxt into the account with 1 million nxt only if the account with 2million nxt engages in greater than twice as many transactions as the account with 1 million nxt. This indicates that its not necessarily about how much nxt you have, how many transactions you make plays a big part. The problem is we see that studies on consumption taxes indicate that they tend to be highly regressive. The same logic applied here means that the rich would tend to get richer.

with that said sometimes life isnt about ideals. sometimes life is about picking the least bad option.
hero member
Activity: 490
Merit: 504
BCNext had an idea about Nxt paper money for this purpose. The thread is around here somewhere.
https://bitcointalksearch.org/topic/m.3458087
hero member
Activity: 490
Merit: 504
NxtMyths 6: What is Nxt mining and why is Proof of Work bad?

After many weeks of collecting various materials about this topic:

https://drive.google.com/file/d/0BwAGADgnQcrtcDhZTHRtSWNPUkU/edit?usp=sharing

- you can add comments

NXT Donations: 15003961341330858247
Cheesy  Kiss


7. Rich get richer - coming soon
newbie
Activity: 35
Merit: 0
***Action Item***

One of our priorities needs to be able to get Nxt into the hands of people without Bitcoin. We have a contact with Bitty, let's see if we can first drum up interest to support the initiative before going to them directly:

https://bittylicious.com/

Bittyylicious makes it extremely easy for JoeUser to purchase coins without having to go through Bitcoin first. We need people that are willing to sell their Nxt (you name the price) to customers that are interested in purchasing.

We’re looking for people that are based in the UK.

1. Please read the following links:

https://bittylicious.com/help/index.php/Sellers
https://bittylicious.com/help/index.php/Seller_Overview


2. When you’ve read the 2 links, please update the Google doc here:

https://docs.google.com/spreadsheet/ccc?key=0AuputZyRQ5-5dF9iNmhpRUQ0cDg5LS1abFpwODRWbGc&usp=sharing


3. If you decide to just skim this message, please re-read #1 and #2


While the discussions concerning votes, logos etc.. are important, these are the actions that help us make BIG moves.
hero member
Activity: 490
Merit: 504
What were Cuniculla and Meni thinking about Voting system?

Quote
In Cunicula's system, voting power is determined by combining (multiplicatively) your hashrate and stake. This would be problematic if small players could not compete effectively with large players. Though we are waiting on a formal mathematical proof, evidence to date suggests that small and large players would have an equal competitive footing. Simulations described in this thread [1] indicate that small players are competitive with large players because the multiplicative combination of hashrate and stake exhibits constant returns. Evidence in the thread suggests that these simulation results are accepted by both Cunicula and Meni.)
newbie
Activity: 56
Merit: 0
Ya know what i was thinking today? of course you don't thats why I'm about to tell you.

I've been hearing a lot of criticism of bitcoin lately from the potential for altcoins to erode the trust in the concept of digital scarcity. Most notably the interview with adam back on lets talk bitcoin. By building decentralized exchange into the bottom protocol layer I think nxt can potentially restore this trust. Think about it, no other copy of nxt will ever have markets with as much market depth as nxt. Meaning their copy nxt will never has as much utility. Thus a copy of nxt is not "just as good as nxt". Since no copy of nxt will ever be "just as good as nxt" nxt can be thought of as scarce in a way that bitcoin can not.

I think this could be added to our list of "core arguments" in favor of nxt.

Couldn't some other crypto also implement a decentralized exchange into its protocol and compete to gain market depth based on that + some extra advantage that they claim to have?

Yea they could in theory. But it wouldn't be like just making a doge and having something thats more or less functionally equivalent to bitcoin. It would have to find some way to build that utility. In a situation where nxt had first mover advantage there wouldnt be any incentive for traders to want to operate in that alternative market when it had low depth, thus it would be difficult for it to ever achieve great depth. Not imposable but difficult. And if this altcoin did manage to pass nxt and become the main trading platform than the same argument would then apply to that coin. Meaning either way the faith in digital scarcity is restored. It doesnt need to be imposable to expand the money supply, only difficult. like gold its not imposable to get more of it, just hard.

This is article-worthy.  Grin

Yea i think it may be also. I'll have to think really hard for a while about whether its wrong or not.

Whatever the case, statements like "Please stop making altcoins because they devalue Bitcoin" can only be seen as a greater incentive to create an altcoin. Whichever cryptos end up succeeding need to have so much network effect in their favor that simple clones wouldn't threaten them, and I think accessibility/useability features that can't be cloned (because they depend on a large userbase to be useful, not just simple speculation on value) are a key part of this.

I think the real worry for Bitcoin holders is the new wave of truly second generation cryptos like Nxt, because they actually do provide strong reasons for Bitcoin to be devalued. And the solution is simple: buy Nxt!

However, if your argument is true, then the future of cryptocurrencies/platforms will not be threatened by Bitcoin's demise. Just because the Ford Model-T is no longer competitive doesn't mean we should all give up on driving cars.
full member
Activity: 140
Merit: 100
Hey everyone,  our block explorer from nexern (who totally rocks, btw) now has an official name as a NXT Foundation participant and can be accessed at http://blocks.nxtcrypto.org/nxt/nxt.cgi?action=10

Totally rocks indeed. Nexern = high quality
sr. member
Activity: 490
Merit: 250
I don't really come from outer space.
Hey everyone,  our block explorer from nexern (who totally rocks, btw) now has an official name as a NXT Foundation participant and can be accessed at http://blocks.nxtcrypto.org/nxt/nxt.cgi?action=10

https://nextcoin.org/index.php/topic,3560.msg33601.html#msg33601

"Hi, I've registered several domains for NXT blockchain explorer site. When community decides which one is the best I can either free the others or use them for some different purpose. Some domains were already occupied (maybe some of you are holding them) so I had to choose from the best of the remaining.

http://nxtchain.net/
http://nxtlookup.com/
http://nxtblock.info/
http://nxtbc.info/

For now they are set to http://87.230.14.1/nxt/nxt.cgi?action=100 and all of them are working.
"

I like nxtbc.info, it's the only name I was able to remember to find nxtberry's post on the forum.

Heh.  I guess there's a push to get nexern's block explorer a fully qualified domain name.  Smiley

Well, here are the ones I got:

http://www.nxtexplorer.com/
http://www.nxtexplorer.org/
http://www.nxtexplorer.net/


legendary
Activity: 1232
Merit: 1001
NXT Asset Exchange is being released before April, right?

Yeah, the API is already being tested, should be soon.

April keeps coming up probably because of the importance of TF and I got confused there for a second.

I am rooting for the NXT Asset Exchange and nexern's client to be released by Friday!!!   Grin

there is API  thread, and i and others post .

https://bitcointalk.org/index.php?topic=313082.280

Friday works for me!
full member
Activity: 236
Merit: 100
NXT Asset Exchange is being released before April, right?

Yeah, the API is already being tested, should be soon.

April keeps coming up probably because of the importance of TF and I got confused there for a second.

I am rooting for the NXT Asset Exchange and nexern's client to be released by Friday!!!   Grin

there is API  thread,  i and others post test information there.

https://bitcointalk.org/index.php?topic=313082.280
hero member
Activity: 490
Merit: 504
Someone just dumped a huge amount of Nxt on BTER
Just 1 Million Cheesy and price is back.. this is a good sign
member
Activity: 96
Merit: 10
Someone just dumped a huge amount of Nxt on BTER
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