Topic: NXT :: descendant of Bitcoin - Updated Information - page 199. (Read 2761645 times)

I'd like to repeat an analogy I mentioned the other day in here which I liked, which is to compare the NXt economy to a Prison. Nxt AE is the Prison itself and within this prison the prisoners have all kinds of needs and they trade amongst themselves. A dirty prisoner will trade his cookies to a hungry prisoner for Soap. That prisoner might take half of those cookies and trade them for toothpaste. These trades require trust because during any of these trades one of the prisoners might pull out a shank and just take your stuff.

NXT the currency however is like buying Cigarettes from the Prison Commissary (In our Prison the Commissary only sells Cigarettes) . When you buy NXT you are getting it from the institution, so you don't have to worry about trust or getting shivved. NXT being a math based digital currency requires no trust at all. Commissary cigarette prices can still fluctuate on their own based on supply and demand and so it will be with NXT (the digital currency).

Once AT is implemented you'll also be able to buy Soap, Toothpaste, etc with a guard present so at some point NXT/Cigarettes will have to compete with everything else to remain as the reserve currency, but since NXT (Cigarettes) are so awesome (addictive) and has properties that make it very easy to trade (lightweight, comes in packs, small size) it has little to fear from other commodities that are not so easily traded.

it's not a perfect analogy I know, but I think it shows how Nxt should be like a little self contained economy and NXT the currency should have to compete for dominance within it but will likely become the reserve currency because it will be universally accepted.

As long as the option to use third party services is an option, and as long as people have the right to choose to use them or to develop their own trust.

I just don't think that there should be protections that are "built in" to the network that would eliminate the potential for private enterprise and business. People should have both options. If you want to buy something on a basis of trust that you have determined yourself, you should be able to. If there is a business who wants to offer services for secure purchases, they should be able too.

There is no need for voting or auction,  or overcomplicating implementing  of the feature to protect buyers or sellers. I think that unique aliases and accounts being used when creating assets instead of unique asset names would help to do this by helping sellers build reputations; and just because the AE allows for anonymous sales doesn't mean that all sales need be anonymous. Sellers would have the option of determining how public and in the open they wish to make them selves, and could even provide buyers with there specific location and contact info, and make themselves and there transactions open and transparent. Good sellers will do this. Bad sellers won't.

guys we fell behind doge coin again on http://cryptmarketcap.com/ this can not stand. i dont care if nxt ever goes more than a penny higher than dogecoin just for christ sake don't let it fall behind that damned doge again.

An AT doesn't *need* to be set up as a "controller" - that is simply one option (that might fit into the way current corporations function).

Understand I am not trying to limit the DAC concept to *one thing* but to allow various different types of ATs to be created to handle various different types of Assets.

"approved" means controlled. means centralized.

look what happened with the bankers and toxic mortgages in the US. Even when given a banker and a desk, and a flag on the wall, people make bad decisions when they are preyed upon.

this is not about joe 6pack. this is about business.

I am thinking along the lines of there being perhaps "different ways of selling" Assets that were issued by an AT which would require all sales to be "approved by the AT itself".

This needs a lot more thought and I need to learn more about the way typical corporations function to even have a "half decent plan".

True - but what we are proposing is no more of an issue than people doing "the same check" for a Bitcoin address before sending off funds.

+1

how do we take an existing AT, with shares sold and convert it to a DAC?

I guess a DAC has more voting control and so on, and the decentralized part could be a centralized decision, ie stakeholders in the company have a centralized vote to become DAC

If there is a currency that surpasses the capacity of the NXT currency that is allowed to trade in this manor, it would be the dominant currency of the network for the same reason there is being thoughts entertained about allowing such trades; and the growth of the capacity for the NXT currency would suffer. It would be a bad thing to handicap the NXT currency, and to let it suffer this loss of  growth capacity in order to undercut the competition to NXT.

People would have a choice. They could trade on another network, our not trade. The point of establishing NXT is to provide a decentralized platform for commerce. If you let Fiat currencies have more purchasing power on the NXT network than the actual NXT currency, then you concede the network to that currency. The point of NXT is to get away from Centralization. If people feel that trading in USD's is better than NXT currency, they already have outlets to do so.

If the NXT network is strong, and the currency develops confidence, then people will use the network. We can't just give up the network to outside currencies just to get activity on the network. Short term would be good, but in the long term it would be better to stand by the NXT currency. If people want to exchange USD's let them do it somewhere else; they have that choice already. It may take time to grow the capacity of NXT, but that is the only way that I see to keep the NXT network as the NXT network, other than increasing fees, which would also be bad. (IMO)

I think that is true when it comes to Stocks, if corporations buy into the idea that is. With cryptos, which I assume will also be traded via Nxt, you do get somewhat of a joe sixpack constituency who can regularly be found crying in forums about how they lost money because they kept their private keys in their hotmail account or whatever.

However, you will never be able to completely protect these people. Even if you have "trusted issuers" and companies promoting Nxt addresses and Asset ID's via their websites, they will still be susceptible to phishing scams.

There's always going to be an element of social darwinism taking place when it comes to this technology. As always, programmers should always be aiming to keep the IQ minimum to as close to a two digit number as possible.

Agreed that the creation of a DAC is not going to be anything as simple as creating a "lottery" or a "savings account" or "an escrow".

It will probably take several months of design and construction (no wonder Ethereum aren't *rushing things*).

if we are going to do real dac's than my contention would be that we probably need to get parallel chains sorted out first. these things would be real block hogs. no room for any significant number of them on any 1 chain.

issuer should be able BUY their own shares of course, but at free market through AT


the more i think the more serious it could be to let the ISSUER control the transactions with any influence

If the AT was *set it and forget it*, then the issuer could not affect the transactions in any way (ie put weight on their own)

Now that is a far more interesting question - and yes I have been giving it some thought. If we are wanting to be able to really create a DAC then we are going to have to consider about exactly how we should treat its Assets.

The issue gets more complicated if you consider that there might be "rules" (such as for buy-backs) that means that an AT may have to "restrict" trade quantities. There could even be a requirement for "votes" by other shareholders.

agree, Outside, off chain data will exist, and will be very important. how else will you know reports, prospectus, and all the things that will help you make a decision towards buying.

people don't just walk into the NASDAQ and say "here's $5000, gimme some LBC, oops was it BCL?"

the AE is for INVESTMENTS that we decide to invest in. Interesting word. Invest. Investigate.

And once we have done DD and know what we want to buy, we go to the AE and see MSFT and buy it. I imagine the AT for MSFT will be set up by the issuer? and will handle ALL the MSFT trades EVER? with 0%?
If I want to resell the MSFT i purchased, I will send it back to Microsoft and get whatever I asked, from ANOTHER user, not from the issuer.

Right?

haha, nicely said, yeah, If I would buy something of value like stock, I would do my research.

Exactly - I have been doing stocks since before you could do that electronically (so literally calling up brokers and filling out forms and keeping "certificates").

Now it is too much to ask someone to go to an official website and put something on the clipboard (reminds me of a film where everyone in the future had an IQ <80 or so)?