Topic: NXT :: descendant of Bitcoin - Updated Information - page 232. (Read 2761645 times)

Its nice to hear from one of my favorite trolls, though sometimes you actually make helpful posts. Very confusing

Edit: 9 million NXT to committees isnt exactly nothing, I seem to remember I might have had something to do with that. Maybe that is the only deliverable I have delivered so far. How long does it take you to go from concept to finished software? Probably 10 days right.

multigateway status

Waiting for result of platform poll. Wouldnt want to inadvertently give NXT platform like features if the community just wants a 1.0 coin or pink unicorns

I figured out how to get a lot of new people using NXT, but it requires the involvement of other cryptos and it probably would actually make them more useful. If people feel that crypto is a zerosum game and that anytime NXT helps another crypto, is somehow hurting itself, well then this feature is not good.

I feel that crypto is still a small child and that whatever platform that elevates all of crypto to mainstream use will be the big winner. The crypto that is the platform for the other cryptos. That is what platform means. Sometimes others get the glory, but everything is built on top of the platform.

I am thinking about what the market wants and how to provide it for them, usually using NXT. Sometimes NXT + other crypto, sometimes even no NXT involvement at all. Is that bad of me? I cant help it if some market needs are things NXT cant do. The market does not care how things are done, it just wants it done at the lowest cost without sacrificing necessary quality. NXT does get involved in a large percentage of the solution, but you do realize I am using bitcoind for the gateway. bitcoind is not NXT. With the requirement that everything has to be NXT, then there is nothing outside of NXT.

That would make NXT not much better than any of the other cryptos.

James

Edit: ever hear of a small company called microsoft? They created software that let other companies make products and get all big and profitable. Did each company that microsoft helped hurt microsoft or did it help them? I am not talking about the quality of the DOS, just the concept of a platform. DOS was a platform. It allowed other companies to make money. What would have happened if microsoft insisted that everybody only use their software and not allow any other software (in the beginning)?

Exactly. Zillions of posts, promises and plans but nothing delivered.

anybody can send me some testNXT

ID: 8455369816053425769

thank U

Thank you for the support. (and buybitcoinscanada and brooklyn)

However it seems that a lot of people here simply want a 1.0 coin and not a platform.

I get the feeling that everytime I come up with a cool new feature, a lot of people will get upset and I am not sure what to do. With NXT I can do almost anything and I am in the process of designing a set of features that will put NXT so far ahead of all the other cryptos, but now I am having second thoughts.

Why bother. It will probably just get shouted down because nobody has ever done it before, or it will "kill NXT" by some magical illogical means. But that is what I do. I come  up with stuff nobody has ever done before that the MARKET wants. It is a combined tech/marketing thing that I have the  knack for. Probably because I have done a lot of tech marketing and a lot of coding and a fair amount of trading. Kind of a unique combination.

Remember when I said I wanted to do a gateway. Yawns, boredem. Centralized, yada, yada. Well I thought I could make a gateway that was a cut above the centralized exchanges and after an incredibly long period of four weeks I am close to a beta release of a fragmented automated multisig gateway. To my defense, I have been sidetracked for a significant part of that time simply defending myself from attacks. I did also release the "coin that shall not be named". Not sure if anybody ever said it couldnt be done, but people wanted a way to reinforce forging and it solves that.

Now I am writing all this software. Some of it will require support in the NXT core, most of it wont. I think I will simply stop posting any details about anything. There is no point when math gets debated. I just see math where others see, I dont know what. Every time this sort of thing happens, I lose the positive state of mind that is needed for this type of cutting edge work.

I cannot keep fighting over each and every feature that i need to support what I am doing. I am not asking for NXT AE to be changed to be denominated in NXT. I am just asking for the ability to be able to have the option to denominate trades in some other asset. Certainly with the neanderthal mindset that nodecoin will somehow kill NXT, doing anything like this will certainly put a stake through its heart.

Here is the plan. I will make a short list of things that I need to implement what I am working on, it will be something like:

1. comment field in asset transfer (this I need to 100% correlate gateway deposit transfers to deposits) I hope this wont cause NXT to explode too.

2. Fractional assets

3. the ability to denominate AE trades in other assets

4. some special NXT acct to be used for mixing and/or NXTcash, needs a little support in the core, not much

5. tbd. probably a few more small changes, not sure yet as I am still not done with the full design

Am I asking for too much?

Unlike most people, I am working night and day on NXT. I am writing a lot of code. I am adding features to NXT that no other crypto has. I have not disclosed all the features it will have as I have not been very encouraged by the reception so far of what I thought was noncontroversial features. It must be so easy to complain about everything. I try to be positive. I try to stay focused. While what I am doing is not exactly what BCNext envisioned, I believe it is in the same spirit and I am trying to complete as much of the feature checklist as I can, as fast as I can.

Please start a poll on whether you want NXT to be a platform or a 1.0 type of coin or some magical mystical fairytale impossibility. I can do platform, you dont need me for 1.0 type coin, the last one is beyond me.

James

Everyone with large stock of nxt buy the mining rigs

http://www.ebay.com/sch/i.html?_trksid=p2050601.m570.l1311.R1.TR12.TRC2.A0.H0.Xmining+r&_nkw=mining+rig&_sacat=0&_from=R40

even if you lose money initially by buying the rig, price pump (in a month or 2) will make up for it  

PS, I am looking for a web developer to give me a hand (well, haha, I need more than just a hand) in developing hashrate.org
I would be willing to offer a slight stake in the overall pool profit in return for the assistance (which is intended to eventually be 2%, once the pool is out of beta.. it is currently 0%.)

This is actually true! Miners on hashrate.org actually recieved a much higher payout than they would have on most of the multipools.  See my thread on nextcoin.org for punkrock's analysis.

free market must be FREE (with a small fee for PoS)

This exactly. NXT will succeed because we enable others to conduct commerce more efficiently. Not because we lure them into our system and then dictate to them how to do business, and what sort of trade they are permitted to engage in. We want to make a platform free from restrictions and give them the tools to better their lives...and then we ride the coattails of their increased productivity and the whole world gains wealth!

Look again at my spreadsheet where I demonstrated that suddenly injecting 0.14% of Bitcoin's total market cap would throw the markets into chaos.

IF (BIG "if") we somehow could convince people to use our AE, and then force them to use only NXT, then this is what will happen:

If OPEC wants Crypto Gold and Barrick Mining wants Crypto Oil, then an institution like the Chicago Board of Trade (CBOT) will escrow, OPEC transfers their oil to CBOT, Barrick transfers gold to CBOT, then CBOT will send the oil to Barrick and the Gold to OPEC. The assets would never trade on the exchange and would run through a centralized party to avoid the crazy volatility that would happen if they had to denominate everything in NXT.

Forcing trades in NXT & being successful is a pipe dream.

Agreed it is not relevant...there will be a small group of "elite" asset classes that will trade against each other -- USD, Euro, Gold, Yen, Bitcoin, NXT, maybe a few more.

They will be traded against the tier 2 commodities: wheat, agricultural stuff, oil, silver, copper, cement, lumber etc..

Then you'll have the garbage coins trading for USD / NXT / BTC (the tier 1 currencies)

Yes you can theoretically have thousands of useless trading pairs, but who cares if there is Dogecoin / gold trading pair with 5 grams of gold listed on the asset exchange? Any halfway decent NXT client would filter out those rinky dink pairs and you'll never even see it.

Please listen to James.

Here is a chart I made using the top 7 Bitcoin exchanges. I pulled the data from bitcoincharts.com/markets.

"BTC Sell order move price 10%" is the amount of BTC you would have to sell to drop the price 10% on that exchange.
"BTC Buy order move price 10%" is the amount of BTC you would have to buy to raise the price 10% on that exchange.
"USD Equivalent" is the USD equivalent of making those purchases and sales, and accounts for slippage.



What this means is that with less than $10 million worth of trading action, you can immediately move the bitcoin price 10% and throw the markets into chaos.

THIS IS WITH THE 800 POUND CRYPTO GORILLA: BITCOIN

Bitcoin has a $7.3 billion market cap.

Trading 0.14% of Bitcoin's total market cap will cause havoc.

$10 million is peanuts to big financial interests.

Big money will not touch NXT for trading commodities.

Do the math!

I dont see any pump action, just mine and dump. Of course the ones that are mined are the ones that have already been pumped to be the most profitable.

NXT is a platform. There will be exactly 1001 different types of NXT applications. it will be impossible to create any more than 1001 new ideas of using NXT as a platform. There are 1000 active NXT'ers and that is an average of 1 idea per person, plus the 1.0 usage. There is no way a single person can come up with more than one way of using NXT as a platform.

This means NXT future is limited to the 1001 ways it will be used.

James

Huh.  One group of services on top of Nxt will be automatic alt-coin pump-and-dump machines.  Interesting.

Well, only usefull PoW will survive. Crap will be dump right away with enough attack power.

hahaha +1

PoW wont die, they will live on to serve NXT

NXT is assimilating alt coin market cap into the POS hive mind as we speak.

The NXT cube is descending on crypto land - alt coin value will be assimilated - resistance is futile!

What is the funiest thing in this is that it will be the miner that will kill their mining rigs themselves! lol
It is a first come first serve to Nxt.

In the end, PoW die and crypto become green with PoS. Nice story!  

Well, the snowflake has started falling from the sky and it could start a small snow ball rolling down the mountain.
I think there is less than 10 GH/s in the NXT pools and a thousand times that in the other pools.

Of course, if some insidious large NXT holders wanted to ensure your scenario, all they would have to do is offer a matching donation of NXT to the mining outputs. Based on the numbers I saw, i think that will instantly move about 50% of mining power to NXT as the miners have no loyalty to any coin, just highest ROI for today.

Just announce to the mining forums that they can earn the best return from the NXT mining pools and we can lightup London with all the electricity wasted to generate garbage coins, but then we turn it to good use by converting it to NXT. It would be kind of ironic if NXT became the end result of the majority of mining power.

James