Topic: NXT :: descendant of Bitcoin - Updated Information - page 1976. (Read 2761645 times)

You can use http://22k.io/-account/

It shows all the raw data and is pretty useful

James

seems 24hrs never has the end!

Zahlen,

Thanks for the feedback!
We are still in very early days so any estimate is going to be very rough, but I would not be surprised at an average interest rate of 10% to 30% per year.

We are not competing with banks at all, as even after 50% going to costs, it will net 5% to 15% per year.

The problem with small stakes is that even though statistically there is the same chance per NXT as a large stake, the reality of .0000001 probabilities is that realistically you probably won't forge a block for many years, when you do it will be a big lump sum, possibly more than your entire NXT balance!

Certainly the client is currently hard to use, but worse than that I read today about transparent mining allowing hackers to target the computer that will forge the next block. I am still trying to understand why transparent forging is a good thing in a way to explain it to "normal" people.

So, if you have  small stake and want to forge, you open yourself up to being DDosed by the evil forces, all this for a remote chance at forging a block. My guess is that most people will pass.

OK, so here is my idea. I am sure it is not quite right since I don't fully understand asset exchange. Assuming it is similar to a company issuing stock, and assuming it can continue issuing stock on an as needed basis, I propose a NXTmutualfund, each share in the NXTmutualfund will cost 1 NXT. Everyone that buys a NXTmutualfund share will get a prorata amount of the forging revenues from all the NXT as a dividend to their specified address, or you can select an automatic reinvestment program to purchase more shares with some or all of your NXT.

Depending on the total number of NXT that will be deposited, the payout will vary. I expect there will need to be a website with DDos protection, some sort of distributed wallet to make sure any password breach only affects a small percentage of the entire balance. Some accounting work to track accounts, balances, etc. Unless all of the work needed to achieve this is magically already in a single person, some reasonable percentage of NXT off the top for each actively involved person.

I've heard about multi-sig, so there could be a protection mechanism that requires multiple authorized signers to do anything with the deposited funds other than satisying withdrawal requests. We need to ask CfB how we can make the deposited funds as secure as possible without requiring onerous procedures.

My estimate is that unless there is a large enough amount of deposits (of currently unknown levels), it could easily eat up 50% of the fees. Maybe even the mid-sized stakeholders would want to participate. In that case, it could easily add up to 10 million NXT total and that should enough to lower the costs as a percentage of forging revenue. Maybe all the way down to 10%? Not sure.

So, any volunteers to create and/or manage the NXTmutualfund? This will answer people's objection that forging is only for the big accounts. Even accounts with 10 NXT would get the same interest rate as someone with 100,000 NXT. With the proper security measures, I could see even the larger stakeholders to be interested in this. A safe place to store NXT while earning almost as much forging fees as you would have if you solo-forged, without any of the hassles.

James

P.S. Happy New Year!

I don't know what amount would be enough for regular folks with small holdings, but this comparison might help you think about it:


People keep their fiat currency pooled in banks, which are managed by other people, instead of keeping it under their mattresses or in their safes. They do so for a few reasons:

1) Annual interest gains, for small accounts, typically ~0.1% - 1% I think? (Varies among banks of course)
2) Physical security against theft and destruction. Most people feel banks are still the safer option for large amounts of cash
3) Convenient services like credit cards, cheques, loans, investment options.

And in return they

4) accept the risk of banks failing and their fiat $ disappearing.


NXT pools can't be like other crypto pools because the 'mining' involved is completely different. In order to get people to deposit their NXT in a common pool instead of their own wallets or NXT accounts, I think you'd have to offer something competitive to banks. So you'll have to examine

1) How much returns on NXT deposit can you give out? I guess this will depend on how many NXT transactions are made (and consequently transaction fees paid out to block solvers), which we can't tell until NXT gets greater adoption and people start really doing things with it.
2) Security against hacking, accidental loss (and maybe bugs?). Currently the NXT client is hard to use for a regular person (though this may change with more bounties!) Can a NXT pool offer greater safety?
3) Can NXT pools offer services not already built into the NXT protocol, or available from just using small personal accounts?

And

4) The risks people feel of pool managers running off with their NXT?


I don't have good answers; I'm new to crypto$, and don't use banks for much more than just security.

When will the explorer be back online?
When will the explorer be back online?

I think my combined accounts put me on place 3.
I know the feeling about squatting, too.

On the other hand, it was fun seeing loads of people moaning that NXT was too expensive while I sat there with my wallet of 2000 NXT inputting aliases to get some value out of my investment .

I think I've got a nice list. If even one third of them does well, I will be a very happy person/bunny.
I am interested in any plans concerning aliases, be it development of things (on the ideas side as I have no developer's skills whatsoever) or anything else.
Hell, I'm up for anything that involves the use of words and communication.

Exciting times!

Please feel free to use my node, link is my sig.

@CfB,
e.g, when transfer some nxt from A to B acc,after the first confirmation,the NXT should be displayed in B acc,right? or need more confirmations?

Bid price on ripple is 2.2XRP for NXT with 17000+ volume. That is roughly .00008 BTC so it is significantly higher than anywhere else. What this means is that you can get 10% more for your NXT by selling via https://peercover.com/#/simpleGateway

You don't need a peercover account, just a ripple address to deposit the NXT into and you can sell for .00008 when dgex price is less than .00007

There is a lot more demand for NXT in ripple than supply.

It is easy to get a ripple acct at https://ripple.com/client/#/register
Once you have that just select Deposit and NXT on the simpleGateway page and follow instructions. Deposit 17000 NXT and get 10% more than on dgex

James

This is what I show:

29624      792771258323459600      Tuesday, December 31, 2013 7:35:48 PM   
      
      10      1'950 + 10      1'475 B   
      
      1      706508148986313036      507 %   
   

can anyone recommend a public node that i can use to generate some addresses from private keys?

I feel EXACTLY the same!

I don't see the blocks updating. Is it still under DDOS attack?

28908      13067962722071602220      Tue 31 Dec 2013 12:32:26 PM MYT   
      
      0      0 + 0      0 B   
      
      1      5897200694154745805      58008 %   
      
      
      28907      10716784968670917069      Tue 31 Dec 2013 12:27:57 PM MYT   
      
      0      0 + 0      0 B   
      
      1      15802067936801529008      29004 %

It's funny you mention Budvar in your blog -- being of Slovak ancestry, I know most of my fellow Americans do not realize how much that city has contributed to our drinking problem here

Unlike you, I was lucky enough to grab my home town here in the USA -- Pittsburgh. There were many large cities available. The obvious large cities like Chicago etc were taken, but other notable cities were still available.

I'm not in the top 10, but close to it.

Also, I chose mostly 'long term' aliases, i.e., I don't have a metric shit ton of aliases like 'Viagra', etc. I grabbed more (hopefully) long-term, long-growth stuff.

Frex -- people were probably tripping over themselves to grab Amazon and Facebook (rightfully so), yet they hemorrhage money. There were still hundreds of other Fortune 500 companies available.

Anybody know who Nucor is? Probably not. I didn't. They're the largest recycler in North America. Generated half a billion in profits. Certainly not sexy, and will generate virtually 0 in web traffic. But there's value in companies like that, I think.

Part of me feels shitty for reserving (squatting) so many aliases. The other part of me says 1) fuck it, I didn't start registering until 12/25 (Christmas night!)... how could valuable aliases still be sitting out there three days later? and 2) it felt like the only way for someone with little NXT to try to generate something. I have 6000 nxt. That won't forge anything. I could have 60,000 and it wouldn't forge anything.

I'd love to be at about 250,000 NXT, which is impossible in my current financial situation. I think somewhere in my alias pool I can scrape that together.

Other people grabbed porn and poker and prescription drugs, I grabbed the abbreviations of commodity exchanges. I'm a dork.

If anyone is interested in this alias pooling concept (I am!!!), PM me!

Funny you should mention Big Macs as a standard price index...


http://www.economist.com/content/big-mac-index

I read some people saying that forging revenues won't amount to much for small stakeholders and that might be true for now, but forging creates the mechanism that allows community fund and also allows large investors to drool over a "mere 25%" per year return. I am working on a way for small stakeholders to pool their forging, but I can't figure out how to be able to distribute much more than 50%. Would that be enough to be worth implementing? Every small stakeholder would get a prorata share of their deposited NXT and the combined total forges for everyone.

James

P.S. I need to know what the smallest increment of NXT is, are we limited to 0.01 NXT, I know we can use colored coins to issue femto-NXT, but I am unclear on what the divisibility of NXT itself is, affects payout of small amounts.

landomata,

I think we are in agreement, we just need to clarify who the core developers are. I mean to say that jean-luc and the BCNext team, they are all presumably large NXT stakeholders and wouldn't insist on sharing in any of the community funds. If they really insisted, I would certainly think they deserve a cut, but I don't think they will.

Due to the extensible nature of NXT, if somebody creates a new extension then according to the math based incentive plan, that person would get 100% of the allocated NXT for the transaction fees that new feature added. I wasn't aware that someone not part of the core-dev team would be able to add new features directly into NXT.

We use common sense rules to determine who deserves a piece of the pie. To my mind somebody not on the core dev team that develops a new feature is adding value to the core dev team's work. It really doesn't matter if the code is inside the NXT code base, a separate tool, a website, getting fantastic press coverage, etc. ANYTHING that adds value, adds value. So then they would become eligible for peer voting.

For example I think ferment has done some work that deserves consideration to be part of the alias team but I am not smart enough to be able to allocate between what he has done and what wesleyh has done. As of now, it would be between them to allocate. When a third person contributes to alias usage, then they get to influence the allocation.

Math based incentives. They work!

I don't have final confirmation yet, but it is very likely that the community fund now has around 5% of all NXT pledged. That means that 5% of all forging revenues for the forseeable future will go toward math based incentives. Even if wesleyh has to share the community fund amount, it is now 5 times bigger! The NXT community is so amazing, I am so proud to be a part of it!

Assuming that all the founders eventually end up with 25% of their original stakes, the percentage of NXT that belong to the original proof of stake grant will be HALF that of ripple lab's 20%. Ripple did the smart PR thing of contributing to curing cancer. Now with the community fund, NXT founders are creating a never ending stream of math based incentives that maximize transaction fees spent which maximizes the value of NXT.

James

awesome