Topic: NXT :: descendant of Bitcoin - Updated Information - page 1338. (Read 2761645 times)

I have a new way to explain why NXT fundraising was closed at 73 people.

Actually 2 ways, one is a symbolic/superstitious explanation:

BCNext felt strongly that one millionth of BTC ultimate supply is the perfect amount to start NXT with.

OK, it might seem silly to a lot of you, but do you know what percentage of people believe in astrology, ghosts, numerology, etc? The million to one ratio is easily understood by almost all of the world.

The other is legal. BCNext knew that with rapidly rising BTC prices that if he didn't stop the fundraising, the amount raised would exceed the legal thresholds in more and more jurisdictions. Imagine if BCNext raised $25 million dollars worth of BTC (what etherium is trying to do), then all sorts of lawyers would be buzzing around and if NXT went down in price, there would be all sorts of legal issues to deal with. As it is with the token amount raised, there can be no legal liability from the fundraising. This is a big advantage that NXT will have over emunie, etherium, etc. I predict if they succeed in raising millions of dollars in capital, they will inevitably get embroiled in litigation, possibly from multiple jurisdictions. If the price goes down, they might very well be forced to refund all investors with what is remaining of their funds after all the legal expenses.

So, BCNext was either very superstitious, symbolic or legally conservative.

We can vote on which you think is right

James

Your paper wallet add two more 00 in the nxt balance

https://nextcoin.org/index.php/topic,2083.msg20515.html#msg20515

can anyone point me to where I can download print quality NXT logos?

thanks

Sure. We all understand that its not perfect. No one claims that it is. Sometimes you have to go with the least bad option. 1 human body 1 vote would be ideal for certain situations (like your example with a logo) but thats just not an option that we have available to us and any attempt to get an outcome closer to that out of a system like nxt will either entail more cost than benefit or be open to massive gaming.

A lot of voting discussion seems to be about two things;

What establishes your right to vote?
What establishes the impact of your vote?

Typically democracy recognises both;

Your right to vote is often recognised by age, residency or some other time based measure of your membership of a community and therefor your contribution to it - gbeirns previously posted idea of how long the NXT has been in that account on the block chain is one appropriate analogy to this recognised right to vote - similar to validity for forging it is a kind of proof of stake but a stake based on length of membership.

The impact of your vote - democratic systems universally reject the impact of vote being based on wealth and I think if NXT adopts this then the voting system will be see as aligned with a shareholder system, with real power in the hands of a few and would in the end kill the system.

The ONE ACCOUNT = ONE VOTE linked to the block chain height validated stake would I think represent a very real approach to achieving something akin to a decentralised democratic system that is very difficult to cheat for a particular vote.

Large stakeholders splitting stakes to vote multiples times is limited this way because they would have to do this so that the distribution was validated in the block chain, something as simple as if the account  has NXT that can forge then the account can vote, if the account has no valid NXT for forging then it is too recent and can't vote. We might need a longer limit but this could be a vote parameter.

If you think about an account that can forge being an account that can contribute to the network then it follows that that account should be able to vote. There are other parameters to be debated such as voting fees and I would suggest we start with something simple.

The other interesting concept is the need to obtain a petition (minimum number of pre-votes) in order to trigger a vote across the whole network - this is valid and valuable too and should be considered - I would liken this to the minimum number of confirmations or minim consensus before the network accepts that something is valid.

what with special cases, like the exchanges?

can they vote with users NXT?

Well, they are the majority. So let it be.

The problem is that not all decisions can be made like this.

Hypothetical example: we decide to choose a new logo.

So now we are relying on the taste of a few rich guys for something everybody will see everyday?

Fair points. I see how 1nxt = 1 vote is a better approach that way.
After some thought, it also seems highly unlikely that the largest stakeholders will intentionally vote against the majority of all stakeholders. Suppose this does happen, then if the distribution of NXT remains healthy, they should still not have an unfair voting advantage.

Newest NXTarea.com Feature: The Paper Wallet Creator





NXTarea.com proudly announce it's newest feature! The Paper Wallet Creator.

You can create Paper Wallets which you will print out, store them in your safe and open them in 1 year (when the price is $1 per NXT) or give them to friends.

We do not take the risks of managing your password. You have to enter it by hand later or enter it by yourself on your own computer.

You simply enter your Name, nickname or friend's name and the token (website: nxtarea.com) of the account and click on the button "Download Interior Design". The Exterior Design is available via the button "Download Exterior Design" (in grey).

I hope you like this small feature and that you may use it in the future. Suggestions to: [email protected]

To the Paper Wallet Creator!


Thank you.

let the poll originator decide.....let them set the parameters.

Wow! I did not know all this was going on already!

I'm excited to see the results, keep up the good work!

Agreed.


This won't work. The large holder only has to do this once. What's to stop a large holder from making 10000 accounts now, and then having 10000 votes forever while everyone else who doesn't cheat only has 1? This is also the reason why time-locks won't work. They can just create the accounts now, and use them X months later.

IMO, any methods with fees won't work, because guess who has more money to afford fees? Right, large stakeholders. Introducing anything above minimum fee into VS is actually punishing small stakeholders.

POS Voting System (1 NXT = 1 Vote) is the only way to ensure everyone, based proportionally on their stake, has an equal say.

Hey guys, just a reminder: we're at block 50901 as of this posting.  There are still lots of clients with less than v0.5.10 running.  If you know someone running one of the older clients, contact them to remind them that they'll fork from the chain if they don't upgrade to v0.5.10 by block 51000.

That is all.

I think it's plain wrong to start with any idea, that contradicts an anonymous network.

miners wont like nxt. Their investments are in mining

did you read his opening post, he said 0.0001BTC fee is too much for him. So you want him to pay more with using 1 NXT?

This guy is Hazard, he was screaming 'SCAM' on a page 3 in the original NXT thread. I think he's just butthurt he was soo close to an astronomical return...