Topic: NXT :: descendant of Bitcoin - Updated Information - page 235. (Read 2761645 times)

I just had a look at the excel sheet in your signature, rickyjames!
It´s amazing to have a look behind the courtains and see the enormous work that is put into the projects.

Keep up the great work!

Im thinking to invest some more in NXT, can somebody give me a good reason to do this? Because its already for months up and down around 7500 satoshi.

You are right James (as usual)- NXT whales are doing a 'good' job, and I hope they continue by  helping to fund the people doing the development and infrastructure work. I think they will!

What James is saying is if one day the big money (hedge funds, institutional investors, "Visa-scale" institutions...) wants to trade on NXT asset exchange, for them to acquire or dispose of that many Nxtcoins will soak up all the liquidity in the NXT markets and cause the price to whipsaw....because they are forced to do transactions denominated in NXT. This means the big money would never get into NXT because they would self-destruct the NXT economy.

The alternative is to have assets CHASE.USD where Chase Bank issues US$1 billion worth and let people trade Chase.USD directly for other assets, and only pay for their transaction fees in Nxt.

Right now if I want to buy an asset, I have to use NXT, which is fine when you're dealing with small time stuff.

I think he has a good point and I can't think of a way to refute it.

James, maybe this message would be better off in the asset exchange thread?

You'll get more traction there rather than get buried ITT.

OK job? Name me one other crypto where the big whales do 10% of what the NXT founders do. Just one please. In monetary terms.

I estimate NXT is better distributed than 90% of cryptos. I dont have actual numbers to back this up, just an educated guesstimate.

So, we are not top of the class in this area. Nothing is perfect. At least we are A- student even in distribution, which is NXT's weakest point. This means NXT really isnt weak at all!

James

I am assuming the asset issuer merits trust, eg. large international bank. Let us assume there is an automated gateway so you can always safely redeem your USD assets. [ok nothing is "safe", this is a thought experiment to evaluate denominating things in AE in USD]

Do you see the problem, actually impossibility of anybody depositing $1 billion into NXT AE if all AE transactions are denominated in NXT? Maybe there is a way to break transactions up into itty bitty pieces and use up all of the NXT available in the liquid form, but not only will that create extreme volatility for the hypothetical large USD transaction, why would anybody with a $1 billion USD even attempt such insanity. So not impossible, but highly improbable

Usually people who control $1 Billion+ dont do stupid things. Putting in 30 times the market cap into a trading platform that limits trading to whatever NXT is available from the market cap (5%?) would qualify as idiotic. Anybody that does that will instantly be fired, or no longer be a billionaire.

This is why we MUST allow denominating AE trades in any other asset. USD, BTC, EUR, JPY, GLD, WTI, BCO, etc.

Does anybody really think that allowing trades to be denominated in USD (or BTC or ...) will do anything other than help NXT? It wont affect USD to any noticeable degree.

James

P.S. If we end up helping BTC by .01% is that really such a bad thing? After all, how BTC goes, all crypto goes at least for the near future. Once we have billions of dollars of trading in NXT AE, then BTC wont matter much anyway.

+1

Poor old whales. If they hold they're being greedy. If they sell they're crashing the price. Only other way to distribute is giveaways and bounties, which many whales have done in the last 4 months, and from all reports will do more of in the future. NXT  distribution 'problem' is being solved IMO. More important task for whales is to pay for developers and infrastructure. NXT whales are doing an OK job compared to most other crypto coin founders, including bitcoin.

For those (considering) issuing shares in company via AE, expect a call from the US govt
http://trilema.com/2014/interacting-with-fiat-institution-a-guide/

Maybe best to restrict it to non US residents?

James

The last thing I want to do is distract all you magicians from building NXT, but I just came across this on LTB! forum; http://ltbcoin.com/discussion/24/how-should-the-ltb-network-operate-please-check-out-bettermeans-open-enterprise-governance-model

I've never heard of BetterMeans, but perhaps it could be of some value here.

Apenzl , I absolutely love your newsletter. Keep up the good work. I'm sure joefox loves it too.

With a very few exceptions, I believe the top 100 holders in all the cryptos control the vast, vast majority.
Most coins start with a community of much less than 100 active miners and with the way the blockrewards are done, after the first month (or week or day or hour), 90% of the coins that will exist in the next few years are mined. In a lot of cases less than a half dozen control more than 50%.

This is before it hits any exchanges, so it is almost impossible for more than 100 people to get the initial "distribution"

Why people single NXT out for this, I dont know. Maybe BTC is a bit better due to its maturity and DOGE due to its user base size, but is LTC, NMC, AUR, etc. any better distributed? Doubtful.

There are a few coins, that attempt to get a fair distribution, but did they really? Short of real world kyc, nobody really knows.

In any case, how this is relevant escapes me. In the real world, there are people who are born into money or win the lottery. While people envy them, are their constant crys for them to just give their wealth away? A lot of them end up doing it anyway and if NXT lasts long enough, father time will take care of redistribution to the next generation.

James

Thanks! If anyone else can share stats, that would be extremely usefull for all current and future NXTers I believe)

I have none to share yet. Neither pool is very good at reporting, particularly SHA-256 stats. I will report and compare once I have some data. My rig is a BFL 30GHz Little Single that I got last August. It is toward the end of its useful life.

Can you share some stats pls? For example, for each 1 MH/s how much NXTs approx can you get per day/hour/etc?

Asset Exchange = AE, see the following:
https://bitcointalksearch.org/topic/nxt-decentralized-asset-exchange-discussion-thread-460343

What is exactly
Nxt ae??

At the moment I am mining in both pools with an ASIC miner using cgiminer. You can also use GPU miners using scrypt. Is that what you mean?

When we talk about unfair distribution...

http://www.chartbookofeconomicinequality.com/wp-content/uploads/countrycharts/USA/USA_Chartbook.html

haha,good luck