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Topic: NXT :: descendant of Bitcoin - Updated Information - page 250. (Read 2761645 times)

member
Activity: 70
Merit: 10
Mmmmhhh, others have different opinions. But sick of your posts?  Huh

See above reply.
sr. member
Activity: 380
Merit: 275
so i was thinking. perhaps one way that i could avoid running afoul of the law on my nxt silver bullion gateway is to emulate a dry cleaners. dry cleaners take in cloths, issue a claim check for those cloths, alter the state of the cloths, and then return them in exchange for the claim check. for some reason unknown to me this claim check is not considered a "security" under financial regulations. Technically it should be, you can leave your cloths at the dry cleaner for an extended period of time and then sell the claim check to someone else and then that person can use the claim check to acquire your cloths, the dry cleaner claim check is a security in every sense of the word but legally it just isn't. So what ever the reason for that is, which i dont know, i can use it to my advantage by emulating that business to a t.

so lets imagine that i am a silver dry cleaners and the melting of silver shot into a bar is the analogue of dry cleaning the cloths, the silver shot is the dirty cloths, and the silver bar is the clean cloths. You buy 10 ounces of silver shot from some online retailer and set the address for delivery as a POBox of my specification. You then use your nxt address to sign the tracking number of the order and send me enough nxt to pay for the "cleaning". The "dirty" silver arrives at my shop and I issue you a claim check. After enough time has passed for me to "clean" the silver that claim check will become redeemable for silver that is now in the form of a bar. From that point on if other people want to trade that claim check amongst each other than thats none of my business. If there are legal ramifications than the onus is on them, it has nothing to do with me.

the nice thing is that there will still be a market for my claim checks but i will never under any circumstances be one of the sellers in that market. so if you want to acquire physical silver than the process will be no more complex for you. you will simply buy one of these claim checks on the market from someone other than me and then reimburse it at my nxt address. The people who deal with ordering silver shot and shipping it to my po box will be in a sense speculators trying to take advantage of arbitrage and for that service they will be affording me a level of legal protection.

one would think that since now there is a new middle man between me and the consumer that this would cause the price to be higher but i dont think this is necessarily the case because there is an advantage to be gained from outsourcing the acquisition of silver shot, a large group of people competing with each other to find cheaper supplies than the other will probably be much more effective at acquiring cheap silver shot than i could be on my own.

tell me what you guys think. ill post this in my silver bullion thread also so if you are seeing this message any later than say a half hour after it was posted than it will probably be better to reply to it there.

You are right about the fact that silver and other forms of worth are over regulated.

I hope your plan works out for you; as far as legality , I don't know..... I would keep very accurate and thorough records for sure...... and maybe stop using the laundry analogy Cheesy

I know you're very interested in the whole process silver minting process, but have you considered engravable silver bars?

https://store.nwtmint.com/product_details/2204/Engravable_5_OZ_Silver_Pan_American_Bar/
member
Activity: 70
Merit: 10
is someone threatening you in PM or something?  Im just not seeing any conflict in the thread.  When I refer to fee based on transaction size, I refer to size in blockchain, which is exactly linear with network bandwidth.  I have stopped responding to igmacas suggestions as I just cannot make heads nor tails from them; I cannot tell if there is just a translation issue or if he is just throwing out keywords and/or suggestions and hoping we will figure it all out based on his general suggestion, because he gives no method or model to his suggestions.

There is really nothing for you to concern yourself over. I can't name names, not because I'm being mysterious but because I don't pay that close attention sometimes. Yesterday I got on some community member's nerves, was told to sell all my Nxt and go away, called a FUD thrower and told I drone on too much about comparing Nxt to another nearly identical system. I'm not mad and I haven't taken anything personally. This is gentlemanly debate. But if I'm getting on people's nerves I have no problem just backing away either.

I really don't care all that much about the technical limitations truth be told. I'm trying to provide a normal users perspective from an objective standpoint. I see many problems that I can see turning off a lot of people and I think many other people will see these same issues as the platform becomes more popular.  I think the users and their motivations are just as much of a technical problem as any transaction byte size limitation is and I'm trying to advise the developers to focus more on finding the exact sweet spot between functionality and usability when it comes to these fees. Fees are just taxes and people hate taxes don't they?
legendary
Activity: 1722
Merit: 1217
Anon136, your proposal sounds similar to the function of the "pawn ticket" for U.S. pawnshops. I don't know under what auspices they are not classified as securities, but in effect they operate as bearer bonds for the item(s) held by the pawn shops.
I think the reason it is not classified as a security is that the pawn shop/dry cleaners dont have a fiduciary duty to redeem. For instance, if their store burns down with your clothes, I doubt you can go to the dry cleaners afterwards for a refund. So, the claim checks are not secured by anything other than the business goodwill of the shop. Kind of like an unsecured loan.

Generally speaking securities tend to be fungible items, and usually pawn shop/dry cleaner claim checks are not for fungible items. The fact that you are using the claim check model for presumably fungible silver items is probably not going to make it a security, but maybe they will change the law because of you Smiley

James

oh well if thats the case than its easy. i wont promise to redeem anything. ill reserve the express right no not redeem anything you send me at any time for any reason. infact i wont even say the purpose of the token is to be redeemed for silver, if you do happen to send one to me, and it does happen to result in a silver bar being delivered to your door than that's pure happenstance. you guys can just decide for yourself whether you believe that sending me one of these tokens will happen to result in a silver bar arriving at your door.
member
Activity: 70
Merit: 10
Ive not noticed anyone say they were sick of your posts.  I read your writing and I 100% agree with it being ridiculous to try to adjust fees in client as NXT fluctuates in its value per fiat, which is why I've been saying we should determine how to untie fees from fiat.  But I must question your understanding of a blockchain though, if you are suggesting that we make it free for people to issue bid/ask orders on the AE.  You must remember that one of the key functions of fees are spam control.  Also, you are not considering the full functionality of AE - you seem to think its only a currency exchange market when really its an 'asset' market. Its not like there will be assets created on any of the centralized exchanges that people can operate on.  And later when/if the AT currency exchange portion comes, fees on it are just going to have to be implemented for orders.

The bottom line is that AE is not built for HFC, and the con to a decentralized exchange is fees per order instead of fees per % of successful trade.  Of course the reverse holds for centralized exchanges.  Different use - different purpose.

I still say that we should implement fees as low as possible to encourage utility.  With high usage that low fees can bring, forgers will make up the difference and it will be win/win for all involved.

I really don't want to have to bring up that "ecosystem whose name rhymes with that little pink tip located in the center of an areola" again, but that ecosystem just also happens to have the the same spam control issues as Nxt and handles it by charging mere fractions of a penny for the fee. I do agree that HFT is not a great thing, but you're cutting off a lot of good flesh by trying to gouge the cancer this way.

The things I'm mentioning may be very well impossible considering the Nxt infrastructure as written by Mr. Next. That's for bigger brains than me to say. For whatever reason they aren't a problem for that system that's named after a famous Grateful Dead song that played at the end of Mask when Rocky Dennis passed away).

If users don't like it, no one is going to care about these excuses as to why you couldn't do it. They will just go away.
legendary
Activity: 1176
Merit: 1134
Anon136, your proposal sounds similar to the function of the "pawn ticket" for U.S. pawnshops. I don't know under what auspices they are not classified as securities, but in effect they operate as bearer bonds for the item(s) held by the pawn shops.
I think the reason it is not classified as a security is that the pawn shop/dry cleaners dont have a fiduciary duty to redeem. For instance, if their store burns down with your clothes, I doubt you can go to the dry cleaners afterwards for a refund. So, the claim checks are not secured by anything other than the business goodwill of the shop. Kind of like an unsecured loan.

Generally speaking securities tend to be fungible items, and usually pawn shop/dry cleaner claim checks are not for fungible items. The fact that you are using the claim check model for presumably fungible silver items is probably not going to make it a security, but maybe they will change the law because of you Smiley

James
legendary
Activity: 1470
Merit: 1004
Very cool!

Question (since this isn't all of the code obviously): Is this system using shared keys between the transmitter and receiver? That way, even if the hallmarked node is malicious, it can't read the file unless it knows either Peer1 or Peer2's private key.

Another question: What incentive does this hallmarked node receive by providing it's bandwidth to transfer files?

Thanks!

Yes, either the entire object can be encrypted and packed into another object or the individual variables of an object can be packed inside of an object and then sent.

I was thinking something like this...
Code:
byte[] data = SerializationUtils.serialize(dataPacket);
byte[] encryptedObject = Crypto.xorEncrypt(data, position, length, privateKey, publicKey);

Their incentive could be from fees, I can probably hack it in there somewhere.

+1. Good stuff!
newbie
Activity: 28
Merit: 0
Very cool!

Question (since this isn't all of the code obviously): Is this system using shared keys between the transmitter and receiver? That way, even if the hallmarked node is malicious, it can't read the file unless it knows either Peer1 or Peer2's private key.

Another question: What incentive does this hallmarked node receive by providing it's bandwidth to transfer files?

Thanks!

Yes, either the entire object can be encrypted and packed into another object or the individual variables of an object can be packed inside of an object and then sent.

I was thinking something like this...
Code:
byte[] data = SerializationUtils.serialize(dataPacket);
byte[] encryptedObject = Crypto.xorEncrypt(data, position, length, privateKey, publicKey);

Their incentive could be from fees, I can probably hack it in there somewhere.
member
Activity: 113
Merit: 10
Result: U sold 50k NXT for 0.01 BTC. Smiley

Crazy!    Shocked     ...thnx brother...

Hey, just don't send NAS when he sends u 0.01 BTC.  Cheesy
good idea.
full member
Activity: 224
Merit: 100
Well, let me provide an update after eight hours of straight programming.

Here is essentially what I will be running with for the decentralized server addition.

In this example Peer1 and Peer2 are not hallmarked, which is why they are using a hallmarked server as a common networking point. The purpose of this is to allow the two "peers" to send serialized objects to each other without taking up a large amount of bandwidth on the NXT network.

Here is what a serverRequest object looks like.
Code:
class serverRequest implements Serializable {  

private  int wantedPeer;
private  String sharedNode;
private  java.util.Date date = new java.util.Date();
private  long time;
private  int sender;
private byte[] signature;


public  serverRequest(int receiver, int sender, String sharedNode){
this.sharedNode = sharedNode;
this.account = sender;
this.wantedPeer = receiver;
this.time = date.getTime();

long packetLong = Long.valueOf(sharedNode) + account + time + wantedPeer;
byte[] packetByte = ByteBuffer.allocate(8).putLong(packetLong).array();
this.signature = Crypto.sign(packetByte, secretPhrase);
}

}

Establish a shared hallmarked server connection.
  • Peer1 chooses a  hallmarkedServer to share a connection with Peer2
  • Peer1 sends the serverRequest object to all hallmarkedServer(s) in peerList.
  • hallmarkedServer(s) check their peerList to see if they are connected to Peer2
  • if they are not the hallmarkedServer(s) broadcast the signed request to all the hallmarkedServer(s) they are connected to.
  • if they are connected to Peer2 they send the serverRequest to Peer2
  • Peer2 connects to IP (sharedNode) in request packet
  • Peer2 sends a signed timestamp + sharedServer packet to the shared server (essentially just verifying the serverRequest)
  • the shared server will now relay all serialized objects sent from Peer1 to Peer2 (on port 6666) and vice-versa.
Countermeasure to "passive" denial of service
   Every minute a object with the amount of sent data during the last minute is sent to hServer
   hServer sends this to the other Peer
   If this packet is not received by the other peer the shared hServer is forgotten and a new sharedServer is found

Very cool!

Question (since this isn't all of the code obviously): Is this system using shared keys between the transmitter and receiver? That way, even if the hallmarked node is malicious, it can't read the file unless it knows either Peer1 or Peer2's private key.

Another question: What incentive does this hallmarked node receive by providing it's bandwidth to transfer files?
full member
Activity: 238
Merit: 100
Ive posted a couple times already about every 0.8.x release I try, that a few times a day it just runs off on its own fork and generates every block itself.  It didnt do this on 0.7.x train.  Any ideas on how to debug?  I enabled debug log but not much shows up
legendary
Activity: 1722
Merit: 1217
so i was thinking. perhaps one way that i could avoid running afoul of the law on my nxt silver bullion gateway is to emulate a dry cleaners. dry cleaners take in cloths, issue a claim check for those cloths, alter the state of the cloths, and then return them in exchange for the claim check. for some reason unknown to me this claim check is not considered a "security" under financial regulations. Technically it should be, you can leave your cloths at the dry cleaner for an extended period of time and then sell the claim check to someone else and then that person can use the claim check to acquire your cloths, the dry cleaner claim check is a security in every sense of the word but legally it just isn't. So what ever the reason for that is, which i dont know, i can use it to my advantage by emulating that business to a t.

so lets imagine that i am a silver dry cleaners and the melting of silver shot into a bar is the analogue of dry cleaning the cloths, the silver shot is the dirty cloths, and the silver bar is the clean cloths. You buy 10 ounces of silver shot from some online retailer and set the address for delivery as a POBox of my specification. You then use your nxt address to sign the tracking number of the order and send me enough nxt to pay for the "cleaning". The "dirty" silver arrives at my shop and I issue you a claim check. After enough time has passed for me to "clean" the silver that claim check will become redeemable for silver that is now in the form of a bar. From that point on if other people want to trade that claim check amongst each other than thats none of my business. If there are legal ramifications than the onus is on them, it has nothing to do with me.

the nice thing is that there will still be a market for my claim checks but i will never under any circumstances be one of the sellers in that market. so if you want to acquire physical silver than the process will be no more complex for you. you will simply buy one of these claim checks on the market from someone other than me and then reimburse it at my nxt address. The people who deal with ordering silver shot and shipping it to my po box will be in a sense speculators trying to take advantage of arbitrage and for that service they will be affording me a level of legal protection.

one would think that since now there is a new middle man between me and the consumer that this would cause the price to be higher but i dont think this is necessarily the case because there is an advantage to be gained from outsourcing the acquisition of silver shot, a large group of people competing with each other to find cheaper supplies than the other will probably be much more effective at acquiring cheap silver shot than i could be on my own.

tell me what you guys think. ill post this in my silver bullion thread also so if you are seeing this message any later than say a half hour after it was posted than it will probably be better to reply to it there.
and maybe stop using the laundry analogy Cheesy

rofl!
full member
Activity: 266
Merit: 100
so i was thinking. perhaps one way that i could avoid running afoul of the law on my nxt silver bullion gateway is to emulate a dry cleaners. dry cleaners take in cloths, issue a claim check for those cloths, alter the state of the cloths, and then return them in exchange for the claim check. for some reason unknown to me this claim check is not considered a "security" under financial regulations. Technically it should be, you can leave your cloths at the dry cleaner for an extended period of time and then sell the claim check to someone else and then that person can use the claim check to acquire your cloths, the dry cleaner claim check is a security in every sense of the word but legally it just isn't. So what ever the reason for that is, which i dont know, i can use it to my advantage by emulating that business to a t.

so lets imagine that i am a silver dry cleaners and the melting of silver shot into a bar is the analogue of dry cleaning the cloths, the silver shot is the dirty cloths, and the silver bar is the clean cloths. You buy 10 ounces of silver shot from some online retailer and set the address for delivery as a POBox of my specification. You then use your nxt address to sign the tracking number of the order and send me enough nxt to pay for the "cleaning". The "dirty" silver arrives at my shop and I issue you a claim check. After enough time has passed for me to "clean" the silver that claim check will become redeemable for silver that is now in the form of a bar. From that point on if other people want to trade that claim check amongst each other than thats none of my business. If there are legal ramifications than the onus is on them, it has nothing to do with me.

the nice thing is that there will still be a market for my claim checks but i will never under any circumstances be one of the sellers in that market. so if you want to acquire physical silver than the process will be no more complex for you. you will simply buy one of these claim checks on the market from someone other than me and then reimburse it at my nxt address. The people who deal with ordering silver shot and shipping it to my po box will be in a sense speculators trying to take advantage of arbitrage and for that service they will be affording me a level of legal protection.

one would think that since now there is a new middle man between me and the consumer that this would cause the price to be higher but i dont think this is necessarily the case because there is an advantage to be gained from outsourcing the acquisition of silver shot, a large group of people competing with each other to find cheaper supplies than the other will probably be much more effective at acquiring cheap silver shot than i could be on my own.

tell me what you guys think. ill post this in my silver bullion thread also so if you are seeing this message any later than say a half hour after it was posted than it will probably be better to reply to it there.

You are right about the fact that silver and other forms of worth are over regulated.

I hope your plan works out for you; as far as legality , I don't know..... I would keep very accurate and thorough records for sure...... and maybe stop using the laundry analogy Cheesy
legendary
Activity: 1722
Merit: 1217
I'm still confused at the differing collectible prices in buying bullion. I mean, they are assayed at ounces for their market price, but then they vary in value up to almost 100% in the case of silver coins.

I guess there is the numismatic value in the case of Govt issued coins, and that must carry over to recognized "brands", offering quality, security, and beauty.

I assume that AnonBullion will be sold at a few points over spot, and trade at whatever it can be carried. The rareness will make it valuable in some circles.

Do you have any plans to issue numbered certificates with them? this could be a real plus for the value.

All this said, do you have a pre sale list? I'd like to get on it Wink



when i get around to advanced security i have some ideas. i want to put something like a "fingerprint" on the reverse of the bar. it will be very lightly engraved completely random pattern of intersecting ridges and valies + reference markers. a person wishing to authenticate the bar will use the same technique as finerprint analyses. you will pull up a reference photo from the internet. pick a random point on the bar and on the picture, and take note of the pattern formed by the intersections of ridges. then compare the reference photo to the bar. the engraving will be light enough that anyone wishing to take a cast of it will not be able to copy the pattern and it would not be economical to replicate it any other way.

*edit* remember inorder to protect against fraud you dont have to make it imposable, you only have to make sure that you are not the lowest hanging fruit because fraudsters will always go after the lowest hanging fruit first.

as far as numbered certificates go. if i do something like that then they will be stored on the blockchain and a cautious buyer will refuse to purchase any bar that the seller can not also provide a certificate on the blockchain for. upon the transaction the seller will transfer the certificate from his account to the account of the buyer over the blockchain. this however does not protect the buyer from making a copy of the bar with a copper core and then transferring the fake bar with the certificate while keeping the real bar with no certificate for himself.
legendary
Activity: 1722
Merit: 1217
Anon136,
This operation is the oldest running in Washington State, if I am not mistaken. They do custom jobs.

Northwest Territorial Mint.
http://www.nwtmint.com/

if my experiment works than my prices will blow them out of the water. they will not be able to compete Grin. if it doesn't than yea contingency plan mb.
sr. member
Activity: 336
Merit: 250
AKA jefdiesel
I'm still confused at the differing collectible prices in buying bullion. I mean, they are assayed at ounces for their market price, but then they vary in value up to almost 100% in the case of silver coins.

I guess there is the numismatic value in the case of Govt issued coins, and that must carry over to recognized "brands", offering quality, security, and beauty.

I assume that AnonBullion will be sold at a few points over spot, and trade at whatever it can be carried. The rareness will make it valuable in some circles.

Do you have any plans to issue numbered certificates with them? this could be a real plus for the value.

All this said, do you have a pre sale list? I'd like to get on it Wink

member
Activity: 84
Merit: 10
Anon136,
This operation is the oldest running in Washington State, if I am not mistaken. They do custom jobs.

Northwest Territorial Mint.
http://www.nwtmint.com/
legendary
Activity: 1722
Merit: 1217
there might also be the no one knows game of selling to a Pawn shop if they just "looked right"

They could just say, oh 10oz silver, yeah sure our spot price is X, here you go...


yep i think thats probably right. my method is experimental. according to new liberty im venturing into completely uncharted territory. however if it works out the way we hope than it will be a very professional looking product. its not going to look at all like it came out of some guys garage (even though it did) Grin
hero member
Activity: 715
Merit: 500
this can be mined now with scrypt gpus? What? How did this happen, and what kind of returns is this seeing?

please take a look at:
https://nextcoin.org/index.php/topic,4399.0.html

two pools available:

http://hashrate.org/
http://www.p00l.org/

both pool are in beta phase.

EDIT: nxt pool mine sh*t coin and automatically exchange them for nxt, then the pool pay you with nxt.
full member
Activity: 163
Merit: 100
this can be mined now with scrypt gpus? What? How did this happen, and what kind of returns is this seeing?
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