Topic: NXT :: descendant of Bitcoin - Updated Information - page 233. (Read 2761645 times)

Thanks.  I am not a miner but just told my buddy with an ASIC about this.  I have been talking nxt up for a while to him, but since he is old school he was hesitant, maybe he will jump in now. 

I believe that eventually, multipool will not concentrate on one coin at a time, you could even control the attack power of a multipool by distributing the power on many coins to ensure the best constant revenue. Multipool are not there yet. This is a war PoS again PoW  . PoS win in the long term because it cannot be attack in that way.

So basically, there is nothing any of the alt coins can do?  Because nxt can mine them, but they can't do anything back??  They are basically sitting there ready to be taken down one by one??  Eventually, nxt could even crash bitcoin doing this too then.  PoW looks really weak now!

Do you think BCnext saw this coming?

?
I am a machine, I am always online, ignore the indicator light, I stayed online for too many hours in a row and it broke

Yes that it is!

I have been thinking about this nxt mining pool thing.  Am I right with my ideas?  It seems to me that this could basically kill every alt coin one by one, basically anything that is not running off of PoS.  Basically what would be happening if multiple large mining pools mining for nxt were formed, they would jump into alt coins and dump, which would crash the price of said alt coin.  At the same time, they would be raising the price of nxt.  If even 2-3% of miners in the world switched to mining nxt indirectly through mining alt coins, it would be kind of like a mafia, constantly knocking out one coin at a time, and if the coin got back up, it would just get knocked out again.  Eventually...... once the nxt mining mafia go a certain percentage of mining power, most other miners would be faced with a choice, continue to mine coins that are not profitable, turn off the miners or join nxt mining pools.  Am I not right that this is the end game?

Please before make pool. Let people discuss the matter! My opinion is not set yet. Probably the same with many people out there.

EDIT:
Altough the poll is flawed and missing many options.

There is what i think:

I would vote to allow the use of whatever currency the user creating the asset wish to use as a denominator! But always transaction fee in Nxt to cover blockchain cost.

I think that this is what will allowed the AE to grow with the most possibility. Think decentralized and free will! This issue is similar to the non-unique asset name. Don't limit Nxt!
AE is only one part of Nxt, Nxt is not only AE, other thing on top of NXt will also make Nxt grow in value.

Buenos Aires, but I dont drink
-----

I dont understand all this non-math thinking. I thought crypto peoples trusted in math.
If you are going to do a $10 million trade, you want to do it at a known price. Breaking it up into 1000 pieces is NOT a viable option. Paying double spreads is NOT an option. We are basically saying forget about any large trade volumes in NXT AE

Try to put your distaste for PoW mining. You do have to admit that a lot of people are very happy to be able to do this abomination type of thing. The market wants what the market wants. People already have mining gear. All they can mine is the garbage coin of the day, when they really want good long term crypto, which is on a short list.

OK, let me try a different angle.

Imagine that somehow miraculously we get BTC denominated trading in NXT AE and it gets 10% of all crypto trading. This is bound to get some press coverage, even without our help. Now, we are being mentioned in the Wall Street journal and major papers as being a significant threat to all the centralized exchanges. People who never even bothered with crypto start investigating. They arent rocket scientists, but they gots tons of money. Do you think they will buy BTC or NXT? Remember, they are finding out that NXT enabled BTC trading. That implies that NXT is more powerful than BTC. BTC cant trade itself, but NXT can not only trade itself, it can trade BTC.

Ricky, you are right, what if the world finds out NXT is so much better than BTC. They just might start buying so much NXT there wont be any left to use a 1.0 currency

James

Seriously James, Where do you live? Can we drink a few bottles of wine sometime soon?

EDIT: Ask a guy on a date and he takes off? WTF   

who got this nice tweet?

The future of cryptocurrencies is here - Nxt - new codebase, extensibility & low-computing power: http://justpaste.it/nxt-introduction-4-journalists
/
Build decentralized web and all apps on top of the Nxt blockchain: http://justpaste.it/nxt-decentralized-internet /  http://justpaste.it/nxt-introduction-4-journalists
+ some more



+ many many journalists via emails/forms

good night, 4:30 am here

All you Bitcoin chasers need to listen to James.

PoS means earning on the back of all these others.

PoS means we're not going to mine more next week and have a bigger chunk than we did before.

PoS and TF means we can RUN all their actions for them, and take a CUT off the top. THIS will make NXT raise through the sky.

NXT is NOT for buying gum, or internet junk. It's for making huge amounts of OTHER actions happen.

+1

Bitcoin is king and will remain king for a while.  As an analogy, all the major commodities are traded in USD only even though the EUR would be just as good.  USD is still the reserve currency of choice for the world.

You are right, nobody has heard of BTC or USD. What was I thinking, giving them free PR

This is unfair poll. You dont have what I am advocating.

Default trading in NXT, but allow the option to trade in other assets

Option does not mean obligation. I fully expect a lot of trades to be denominated in NXT, maybe 99%, but why limit ourselves? Why not have the option???

James

You really expect these rich oil and gold guys to split up their orders just because we say so? You really dont think they might want to just to a direct deal?

Trying to force rich guys to do silly things will make them just laugh at us. Is NXT AE the ONLY option for the rich guys. Oh wait, they have been trading oil for years and we are trying to capture existing markets. Lets make it as hard and complicated as possible for them. That usually works really well, especially with rich guys who dont like taking long lunches and afternoons with their mistresses

James

P.S. hopefully nobody who takes long lunches or has only one mistress was offended by the above

James

This is not relevant. The market wants what the market wants. We cannot force people to trade pairs they dont want to trade. They will simply not do it, other than the occasional inventory rebalancing.

I believe most trading will go through NXT.
I just want to have the ability to satisfy the market demand. This is a marketing thing. Find a need and fill it. Not have a feature and convince people they want it. That is not easy at all

James

Have you seen the super giant volumes ripple is getting in their XRP markets? A whopping 20 BTC might trade all day in the bitstamp/XRP market. That is their biggest market. Assuming we can match that within NXT AE, how much will that impact things?

People trade pairs they are used to. For whatever reason it is what happens. Few alts trade in any volume against USD, even though most people have heard of USD. Everyone is used to trading crypto against BTC. Even with fiat vs fiat, people start trading a contract in one direction, eg AUDUSD and that is what 99% of the people trade, even though USDAUD is perfectly tradable.

Do you want to create a new market or provide a service to an existing market?

Do you know which one goes ten times (or more) faster?
Do you know which one is ten times (or more) less expensive?

Decentralized trading without a central exchange is something the market is ready for. Being goxed for however many millions has made this very clear. If you dont want 10% of crypto trading in NXT AE, just say so. How much trading is that? How much money would be flowing through NXT?

This is similar to the whole tax rates issue. A lot of people thing that the higher the tax rate, the more tax revenues will come in. This is true to a certain extent at certain ranges, but this does not mean a 99.9999% tax rate brings in the most revenue. In fact, historically the optimum level of taxation seems to be closer to 10%. Yes 10%. At that level, it isnt worth cheating on the taxes or spending money on lawyers and accountants. A surprisingly large amount of money is spent on lawyers and accountants to save percentage points on taxes. The bottom line is it is just a tax of a different form.

By making the tax cost very reasonable, basically nobody complains and economies grow as fast as possible. Now in a more mature economy, a higher rate probably makes sense, but if you make it too high, people cheat, lawyer up,or simply move.

What does this have to do with the issue at hand? I claim that forcing trades to go through NXT is just like a tax. There are two orderbooks, each with a bid/ask spread. Every single trade will cost more. Not only are you asking people to trade TWO new pairs that they are unfamiliar (uncomfortable) with, you are asking them to pay much higher spreads.

Bottomline, I predict doing this we will see whopping ripple level volumes other than what current NXT'ers trade BTC for. Notice it is the NXT/BTC pair that people will trade.Not because we force them to with AE, but because that is what they are used to trading

If you want NXT AE to be the place for people to buy Anon's silver and for some virtual companies and some cryto/NXT trading, then NXT AE wont become very big.

Aha! You sly devil. That is your plan so that the NXT 1.0 becomes the primary thing?
I dont understand why NXT 1.0 and NXT AE cant coexist. If you really just want a NXT coin, might I suggest nodecoin

James

PLEASE VOTE IN THIS POLL:

What currency should be used to price and purchase Assets on the upcoming NXT Asset Exchange?


https://bitcointalksearch.org/topic/m.5814924

I would hope for NXT denomination, & certainly not FRNs.  I understand why you wouldn't want to use another CC, but the CC with the largest market cap is probably best, as it is truly defined by market.  Gold would be preferable to FRNs, though its perceived value is manipulated as well.