Topic: NXT :: descendant of Bitcoin - Updated Information - page 1574. (Read 2761647 times)

Ok. What's your proposal?

if the individuals are trusted, why would the code need to be changed just to accommodate them?

I can almost guarantee that the account locks is a new feature.  He wouldn't change the code for bounty Nxt distribution.  Anyway, I'm grateful he is providing 10M, he doesn't have to do that, and we can get on with out it if needed.

The same again. What do you mean by "dedicated to development"? Do you have something in mind? Then share with the community and suggest a bounty and the community will vote for it.

Also what's the use of destroing the coins? That's fucking crazy. Even two payments of 5M to Cryptsy and BTC-E owners will be way better then destroying them.

But I do agree with the first part. Changing the code just for that reason is maddnes. Don't developers have something more important to do? Why the hell we need this commity at all? Let the coins stay were they are now and focus on ideas for development and promotion.

Now when I have all information, writing the Nxtmyths is really fast

Nxt Myths 2: The very fair distribution of Nxt
by: Salsacz

and it is 6:30 AM, so I go to sleep now

I don't see what the rush is to distribute the 10 million Nxt, is there a specific reason? In addition, if the individuals are trusted, why would the code need to be changed just to accommodate them? This just doesn't make sense, perhaps I am misunderstanding?

We need features, and to make features we need developers, this is where the Nxt or Nxt>BTC should be spent (or atleast 80% of it). All the hoopla regarding Nxt has died down now and I believe we have reached critical mass in the Bitocointalk community as shown be the diminishing accounts being created everyday. Everyone that is here now and participating is obviously committed, so I can say for sure we have a strong community of Nxt'ers.

The next milestone will be general public adoption, at least the general crypto community and for that we need a rock solid client that hopefully supports forging and a reliable network. In my opinion, being second generation, we need to get to the point where this can be run securely on a mobile phone (transaction and forging) - to me - that is second generation, but that can come down the road as we have plenty to work on regarding the core of Nxt.

All this talk about marketing is great, I work in that space, however, it is not needed at this time and perhaps never will be. All energy and funds (if needed) need to go to development, at least in the next couple of weeks.

I vote that the majority of funds either be dedicated to development or destroyed.

No matter how much we obsess about the 10M, the distribution and implementation is happening, it's BCNext to do with as he pleases.  We need to start focusing on a voting mechanism so we can decide what to actually do with the 10Mil.

Sent 1 NXT, my first spend)

1620027207958157392 is my account, thanks!

I just made my first Nxt transaction! Exiciting!

Thanks man, 6786112381976165665

Thanks for the 3 NXT! I received them after only a couple of hours!

I get Not enough funds message

It seems I send 1 NXT to my own acoount.
http://87.230.14.1/nxt/nxt.cgi?action=2000&tra=11468045880419688248

Will try to send 1 NXT to you again.

But first ley me ask you if the attached file is OK

I have something similar in mind. It is like a concept of "open bounty". Anyone can step up and present his/ her idea, propose a bounty and let the community decides. So we continue the tradition of asking for bounties in a decentralized fashion as we have been already doing in nextcoin and nxtcrypto forums so far. But now funding would be a bit easier to come by since we have common pool in addition to private donors's fund.

This will work easier when we have the voting system in place. A person presents his/ her idea, propose a bounty and action plan, and set up a vote. Community can ask questions in the meantime and when the voting is over, the project will be funded if the vote passes the majority. A democratic and decentralized method of funding projects.

We can even implement this type of "open bounty" even when the voting system is not yet in place. In fact, we actually did it one time already with the case of Maco's android app as the overwhelming majority refused to fund his 500K NXT request for his app. So we actually had a precedent in place already. Let's continue the funding process in this type of decentralized fashion instead of giving one person/ or group the authority of giving out the funds.

The bitcoin mining network will stabilize once is unprofitable for to the companies to create ASICs . Logically when the price of bitcoin go up or advance ASIC technology , the difficulty of mining would continue to rise .

But let that currently 3,600 bitcoins day it is what is spent on network bitcoin mining. A current price amounts to € 2,000,000 more per day, which will only grow as the price of bitcoin also continue to rise .

That money primarily goes to :
1. Chipmakers .
2. Manufacturers of mining .
3. Vendors miners. Generally tend to be the same as in point 2.
4 . Utilities .
5 . Pools mining .

6 . Miners ... Oh wait! That consequently they not only NOT make money, but also lose to pay the party since the previous day with 3,600 bitcoins do not have enough  



Now let's see how the PoS network structure to ensure security in a large peer network that bitcoin .

Costs per node :
- Occasional Node : User who uses your PC to make node while using for other tasks. Total annual cost : ~ 0 €
- Commercial Node : Raspberry pi 50 € (say 5-year amortizing for example) + electricity costs € 5 / year + antiDDOS System 40 € / year. Total annual spending 55 € / year or € 0,15 / day

Looking at the numbers it does not take a genius to realize that compared to the cost PoW to ensure the network is ~ 0 € .


Summary:
Annual expenditure secure bitcoin network : 3,600 [ btc ] * 365days = 1,314,000 [ btc ] . A price of € 788 million today . ( And we're not telling you what the miners lose !)
Annual expenditure ensure PoS network : I'll put 1 million € , to give something. That would have 18,000 professionals for nodes , plus all casual .

With the PoS system saving € 787 million annual direct impact on the system itself.
It would be money instead of enriching the points 1-5 on PoW centralized system (and remove the item 6 ) , you enrich the users and that the money would not be lost in the PoS system. (Money not lost = Money earned )


I keep thinking about € 787 million per year , but if it is .... 10% of the current price of bitcoin ! WOW!

Seasoned reader -Wait!
Seasoned reader -That money is also part of the bitcoin distribution, to make the system more fair! ( Will be discussed with emphasis )
Commentator - Yes , but that money was supposed to also be shared among users to decentralize the system ... not for a few centralized companies with it all . And this is the general trend for the 50% remaining undermine bitcoins .
Seasoned reader - * Facepalm *

Is this one of those examples of how a coin's value depends on the developers backing it, and not on features it promises?

What feature community want to test? Centralization? Occam's razor? May I recommend to choose twelve trusted members?

I honour community opinion to create Nxt foundation, but I strongly disagree with this opinion. Especially with option to create foundation inside code.

I have something similar in mind. It is like a concept of "open bounty". Anyone can step up and present his/ her idea, propose a bounty and let the community decides. So we continue the tradition of asking for bounties in a decentralized fashion as we have been already doing in nextcoin and nxtcrypto forums so far. But now funding would be a bit easier to come by since we have common pool in addition to private donors's fund.

This will work easier when we have the voting system in place. A person presents his/ her idea, propose a bounty and action plan, and set up a vote. Community can ask questions in the meantime and when the voting is over, the project will be funded if the vote passes the majority. A democratic and decentralized method of funding projects.

We can even implement this type of "open bounty" even when the voting system is not yet in place. In fact, we actually did it one time already with the case of Maco's android app as the overwhelming majority refused to fund his 500K NXT request for his app. So we actually had a precedent in place already. Let's continue the funding process in this type of decentralized fashion instead of giving one person/ or group the authority of giving out the funds.

I disagree, BCNext is choosing 10 trusted members of the community to distribute the coins accordingly.  In essence he is creating what everyone here has been screaming for, a Nxt foundation.  For JLC, he can program 10 new locked accounts as a safeguard, probably a new Nxt feature that will require a different pass code to send.  You are right, probably a test of a new feature.  

Why it's so important to decide and to it right now what to do with that 10M. Everything goes just fine! Let's just go with the flow.

Does anybody have a great idea? Let's vote if it should be done and then vote how much we should spend on it. What can be easier?

Somebody suggested to make a photoshoot with girls to advertise Nxt. Let's do it. Share ideas of the photoshoot, draw sketches etc. Then vote for the best idea and size of a bounty. And so on with the rest of unclaimed money.

so I was thinkinkg..:

- we don't have a nice client
- we don't have nice exchanges
- we don't have full source code
- we don't have all functions

What does it mean?

We - all 15.000 Nxt users are pre-beta ORIGINAL STAKEHOLDERS

The Distribution of NXT is extremely fair - now it is 50 days when we are still in alfa version like in some IPO.

We haven't launched yet. We can forget about some 73 stakeholders... Now everyone has an opportunity to jump on the train... and also to drive him!

BCNext knew that Java binaries could be easily decompiled, everything in Nxt is made on purpose. U'll get most of the answers in the last part of BCNext's plan...