Clearly there is a significant pent up demand for NXT.
bter is a nice exchange, but they are a low volume exchange. A small fraction compared to the major Chinese exchanges.
China has the top 6 BTC exchanges and all are usually more active than bitstamp or btc-e. Something like 90% of BTC trading happens in China. Look at
http://www.btc123.com/ if you don't believe me.
I doubt everyone who wants to purchase NXT has done so. On the other hand, the last two weeks has probably allowed pretty much everyone that wanted to sell their NXT at yesterday's prices to have done so.
James
The more the Chinese buy NXT now the more they can trade with NXT assets on the distributed exchange when the restrictions on their exchanges come in at the end of the month.
Looking at the bter trades, it looked like there were a small number of traders that REALLY wanted to buy NXT. The orderbooks at dgex, nxtchg and even ripple were all wiped out (in a good way). This took a bit of time to coordinate and wasn't a spur of the moment impulse buy.
This also means that we can now provide a much easier path to purchasing NXT than before, for ordinary people, especially in China. The big action is in NXT/CNY, current exchange rate is 6.05 CNY/USD and it is pretty stable at that rate. Current price is around .36 CNY -> ~6 cents. The big jump was from the initial mismatch of supply vs demand.
Anyway, now that we have our first NXT/fiat path and reasonably liquid NXT/BTC, we can see what a more accurate current market value for NXT is.
James
Indeed, there have been many people watching NXT who wouldn't touch it until there was improved liquidity. It's still not great of course. But Bter have set a precedent and it is only a matter of time before other exchanges pick up on this. I have asked Graviton to remove his artificial order restrictions on DGEX: "Error - The order pricing limits are +/-30% per 1 hour".
By the way did you read my explanation of the reserveBTC DAC? nexern is knowledgeable of and interested in DACs and now DNAs (he coined this term for Decentralized NXT Agents) and we are in discussions about implementing DACs which can serve as credit unions and issuers of assets. DACs could be built as apps (purchased from an app store or package manager) which interface with his or other clients. Very powerful stuff.
Credit union is a good model. Non-profit model, fees just to cover costs. I have not analyzed DAC in detail, but if you say it will work, that's good enough for me.
James
I would encourage you to research DACs. You would be good at developing the ideas and utilities and functions that are evoked by them. The technical aspect doesn't matter so much. Just imagine a DAC as a corporation which has no motives other than it's pre-defined purpose. I.e. it has no profit motive by default. And it makes only rational logical decisions. DACs are effectively public utilities. Most of them are looked at from an economic perspective but we can look at them from a socio-economic perspective within NXT.
all we need really is a subordinate chain where users can embed c++ code and bid for space in the chain with nxt as well as bid with nxt for a forger to execute the code and record the product in a future block. each DAC would have its own chain like this. providing the tools is the easy part, using these tools to make a profitable dac is the hard part.
*edit* infact this could be totally separate from the nxt project. who ever made this tool wouldnt need anyones permission from the nxt project to do so and infact there is no way any of us could even stop them if they wanted to.
Indeed, just like nobody can really stop Mastercoin from piggybacking Bitcoin.
Does it need to be able to execute arbitrary general purpose programming code (c++ in your example)? Realistically aren't there only a number of core functions that a DAC or DNA would need to perform. We don't need to go all Turing Complete like Ethereum.
What URLs are best to get useful details so I can help implement some DACs. It does sound really powerful. Currently, society pays an enormous amount for almost any company to provide trusted services, eg. banks, insurance, etc. When all they do is pretty simply math.
Is there a way to be able to test a DAC? I like to develop things interactively and learn best from trial and error.
James
Try reading these:
https://bitcointalksearch.org/topic/lead-me-down-the-rabbit-hole-contracts-colored-coins-smart-property-dacs-etc-374912http://letstalkbitcoin.com/bitcoin-and-the-three-laws-of-robotics/http://letstalkbitcoin.com/dacs-that-spawn-dacs/http://letstalkbitcoin.com/dac-revisited/And listen to this (2nd half) -
http://letstalkbitcoin.com/e64-millibits-and-mastercoin/Edit: For a crude test you could ignore the trustless/decentralised nature of a DAC and simply execute a standalone piece of code on 2 or more NXTers computers (i.e. they are already running the NXT client/daemon) which performs some action (like interrogates their balance for example) and get it to message back to your node/instance of the app (and every other node). The messaging could be internal or external to the NXT system. So this simple/pointless app lets everyone in that community (2 or 3 NXTers or however many) know the balance of each others accounts.
Prediction Markets
