For all those who are interested in mining, have you calculated what's the potential income of mining now? Let's say there are 1000 active accounts now, and each of them do 10 transactions (sending) a day. That's 10000 transactions a day, so it's around 10000 nxt in transaction fee. There are 1 billion Nxt in total, let's assume half of them are mining. Then what you can expect is 10K * (your holding) / 0.5 Billion = your holding * 0.00002. That's 0.002% daily and 0.73% yearly (1.00002 ^ 365 = 1.0073266).
Apparently, before the exchange function is implemented and the volume is high enough, there's no point to mine now. Please remember there's no new coins are created in mining, only transaction fees.
Topic: NXT :: descendant of Bitcoin - Updated Information - page 2519. (Read 2761645 times)
Perhaps some of the major stake holders will shut off their mining in order to promote their own currency?
This is stupid. Do you want an insecure network?
Please forget about mining in this stage, cause it's totally waste of your time, energy, and electricity 
With small amount, you wait years for one block and that block most likely has 0 transaction fees. This is not a coin for mining, and if you are interested please come back when the exchange function is implemented.
With small amount, you wait years for one block and that block most likely has 0 transaction fees. This is not a coin for mining, and if you are interested please come back when the exchange function is implemented.How does it waste time? You have to start your client and let it run in the background.
How does it waste energy? How much does 2% of your processing power cost you in electricity? Even if you ran the client 24 hours a day for a year, I doubt it would cost you more than $1.
There has to be a reason other than speculation/investment for people to buy it. Considering all coins lie in the hands of early adaptors with super low price, there's almost no hope for the price to increase significantly in the beginning, so there has to been something for people to join.
Let's hope the exchange function is implemented as soon as possible, cause that could be the only valid reason for others to join, and then all the coins become the shares of an exchange, and all early adaptors are like the initial investors. Before that, Nxt will not grow like other currencies due to its unique PoS system.
Let's hope the exchange function is implemented as soon as possible, cause that could be the only valid reason for others to join, and then all the coins become the shares of an exchange, and all early adaptors are like the initial investors. Before that, Nxt will not grow like other currencies due to its unique PoS system.
It does have usefulness outside of "speculation/investment".
There is an exchange.
Could anybody back me up and send me some coins.. i want to start with mining 
15825363546145396108
Please forget about mining in this stage, cause it's totally waste of your time, energy, and electricity 15825363546145396108
With small amount, you wait years for one block and that block most likely has 0 transaction fees. This is not a coin for mining, and if you are interested please come back when the exchange function is implemented. 
Perhaps some of the major stake holders will shut off their mining in order to promote their own currency?
- good idea! I'm early adopter, but not major stakeholders :-(( , nevertheless I keep my stake shutted.
Yeah I'd also like to add that the huge rich addresses get an incredibly unfair advantage for mining. I understand it's PoS but with these crazy distributions the rich addresses are nearly always going to be the ones mining the blocks and reaping the rewards, this makes it even worse than BTC in a mining sense because with BTC you could at-least buy some decent mining equipment and get something.
However, even with pooled mining, in PoS you're not likely to get much unless your pool has a "rich" address participating, and even then you're really only benefiting THEM instead of the reverse.
Buy expensive mining equipment for btcHowever, even with pooled mining, in PoS you're not likely to get much unless your pool has a "rich" address participating, and even then you're really only benefiting THEM instead of the reverse.
Buy a few million Nxt for mining
The guys with 40mill nxt are just like the guys with rooms full of asics mining in a pool and grabbing every block.
Yeah except it was MUCH cheaper for them AND they'll never have to worry about the difficulty going up for them!
High risk = high reward. Low risk = low reward.
Cheapness is relative.
Yeah I'd also like to add that the huge rich addresses get an incredibly unfair advantage for mining. I understand it's PoS but with these crazy distributions the rich addresses are nearly always going to be the ones mining the blocks and reaping the rewards, this makes it even worse than BTC in a mining sense because with BTC you could at-least buy some decent mining equipment and get something.
However, even with pooled mining, in PoS you're not likely to get much unless your pool has a "rich" address participating, and even then you're really only benefiting THEM instead of the reverse.
Buy expensive mining equipment for btcHowever, even with pooled mining, in PoS you're not likely to get much unless your pool has a "rich" address participating, and even then you're really only benefiting THEM instead of the reverse.
Buy a few million Nxt for mining
The guys with 40mill nxt are just like the guys with rooms full of asics mining in a pool and grabbing every block.
Yeah except it was MUCH cheaper for them AND they'll never have to worry about the difficulty going up for them!
Could anybody back me up and send me some coins.. i want to start with mining
15825363546145396108
15825363546145396108
I'm getting pretty tired of seeing post saying that the distribution is unfair.
Listen... Anybody could have invested in the beginning. If you thought Nxt was such a great idea, you should have invested. Nobody prevented you from investing. If you still think Nxt is a great idea, then you can invest in Nxt right now by purchasing them like everyone else.
If you are upset about your mining rate, then go buy some Nxt. This is no different than any other currency. When I wanted more hashpower for scrypt coins, guess what? I went and bought more GPUs. If you want more hashpower with Nxt, then go buy some Nxt. Nobody gave me free GPUs (hashpower) for scrypt, but initial investors here have been giving out free Nxt (hashpower).
Listen... Anybody could have invested in the beginning. If you thought Nxt was such a great idea, you should have invested. Nobody prevented you from investing. If you still think Nxt is a great idea, then you can invest in Nxt right now by purchasing them like everyone else.
If you are upset about your mining rate, then go buy some Nxt. This is no different than any other currency. When I wanted more hashpower for scrypt coins, guess what? I went and bought more GPUs. If you want more hashpower with Nxt, then go buy some Nxt. Nobody gave me free GPUs (hashpower) for scrypt, but initial investors here have been giving out free Nxt (hashpower).
The problem is not whether the distribution is fair or unfair, but how the coins be redistributed to more people.
In a PoW system, the coins are distributed to the miners in tens or even hundreds of years. In a pure PoS system, however, all coins are distributed at once in the beginning.
Some one argue Satoshi may hold 1M BTC, but even it is true that's only 1/21, and even now there're still 10M BTC there for mining and everyone has their chance. Mining are not cheap due to the hashing cost, but miners pay the mining equipments and electricity suppliers instead of the early adaptors cause these coins do not belong to anyone. These newly mined coins have high cost, so the added supply will not drive down the price too much. Even though most of coins go to the miners, the large number of BTC of early adaptors are still the main threat to the BTC price now.
In a pure PoS system without any new coins created, however, all coins belong to the early adaptors. Mining does not create new coins, and changes only negligible redistribution. All redistribution happen when people buying coins from the early adapters. In the early stage, that means huge supply versus tiny demand and the price could hardly increase. Meanwhile, due to the low price, the majority of coins will stay in the early adaptors who expects higher price. This could hinder the redistribution and may be very dangerous for a new coin. In this sense, it is quite similar to a 100% pre-mined crypto-currency. The dye not because of unfairness, but because of no redistribution.
Therefore, it's not fair or unfair, but how to survive for a pure PoS with all coins given at once in the beginning. There has to be a reason other than speculation/investment for people to buy it. Considering all coins lie in the hands of early adaptors with super low price, there's almost no hope for the price to increase significantly in the beginning, so there has to been something for people to join.
Let's hope the exchange function is implemented as soon as possible, cause that could be the only valid reason for others to join, and then all the coins become the shares of an exchange, and all early adaptors are like the initial investors. Before that, Nxt will not grow like other currencies due to its unique PoS system.
Yeah I'd also like to add that the huge rich addresses get an incredibly unfair advantage for mining. I understand it's PoS but with these crazy distributions the rich addresses are nearly always going to be the ones mining the blocks and reaping the rewards, this makes it even worse than BTC in a mining sense because with BTC you could at-least buy some decent mining equipment and get something.
However, even with pooled mining, in PoS you're not likely to get much unless your pool has a "rich" address participating, and even then you're really only benefiting THEM instead of the reverse.
Buy expensive mining equipment for btcHowever, even with pooled mining, in PoS you're not likely to get much unless your pool has a "rich" address participating, and even then you're really only benefiting THEM instead of the reverse.
Buy a few million Nxt for mining
The guys with 40mill nxt are just like the guys with rooms full of asics mining in a pool and grabbing every block.
Nxt early investors took a calculated risk. ASIC investors took a calculated risk. Both will profit off of their calculated risks. Nobody told you not to take a risk. Why didn't you?
Go buy some Nxt or stop complaining. Everyone including the early investors PURCHASED their Nxt.
Yeah I'd also like to add that the huge rich addresses get an incredibly unfair advantage for mining. I understand it's PoS but with these crazy distributions the rich addresses are nearly always going to be the ones mining the blocks and reaping the rewards, this makes it even worse than BTC in a mining sense because with BTC you could at-least buy some decent mining equipment and get something.
However, even with pooled mining, in PoS you're not likely to get much unless your pool has a "rich" address participating, and even then you're really only benefiting THEM instead of the reverse.
Buy expensive mining equipment for btcHowever, even with pooled mining, in PoS you're not likely to get much unless your pool has a "rich" address participating, and even then you're really only benefiting THEM instead of the reverse.
Buy a few million Nxt for mining
The guys with 40mill nxt are just like the guys with rooms full of asics mining in a pool and grabbing every block.
I am getting very bored with NXT. I have not mined a single block.
Perhaps some of the major stake holders will shut off their mining in order to promote their own currency?
Otherwise, it is very boring!
Perhaps some of the major stake holders will shut off their mining in order to promote their own currency?
Otherwise, it is very boring!
Bitcoin mining is very boring too if you don't own any mining equipment.
I am getting very bored with NXT. I have not mined a single block.
Perhaps some of the major stake holders will shut off their mining in order to promote their own currency?
Otherwise, it is very boring!
Perhaps some of the major stake holders will shut off their mining in order to promote their own currency?
Otherwise, it is very boring!
I decided to clean up and improve the vanity account number generator mentioned before:
https://bitcointalksearch.org/topic/m.3691750
https://bitcointalksearch.org/topic/m.3691750
No offence, but why run Java when there is much faster native implementation (https://bitcointalksearch.org/topic/m.3735874)?
I have 10 active peers, 16 blacklisted.
For some reason my UI isn't showing me a prediction of how long until the next block is generated.
For some reason my UI isn't showing me a prediction of how long until the next block is generated.
U have to wait 1440 blocks since the 1st transaction arrived.
I'm getting pretty tired of seeing posts saying that the distribution is unfair.
Listen... Anybody could have invested in the beginning. If you thought Nxt was such a great idea, you should have invested. Nobody prevented you from investing. If you still think Nxt is a great idea, then you can still invest in Nxt by purchasing them like everyone else.
If you are upset about your mining rate, then go buy some Nxt. This is no different than any other currency. When I wanted more hashpower for scrypt coins, guess what? I went and bought more GPUs. If you want more hashpower with Nxt, then go buy some Nxt. Nobody gave me free GPUs (hashpower) for scrypt, but initial investors here have been giving out free Nxt (hashpower).
Listen... Anybody could have invested in the beginning. If you thought Nxt was such a great idea, you should have invested. Nobody prevented you from investing. If you still think Nxt is a great idea, then you can still invest in Nxt by purchasing them like everyone else.
If you are upset about your mining rate, then go buy some Nxt. This is no different than any other currency. When I wanted more hashpower for scrypt coins, guess what? I went and bought more GPUs. If you want more hashpower with Nxt, then go buy some Nxt. Nobody gave me free GPUs (hashpower) for scrypt, but initial investors here have been giving out free Nxt (hashpower).
thanks come-from-beyond your last solution saved me! =) +1 ill send you some nxt if i get any =)
I have 10 active peers, 16 blacklisted.
For some reason my UI isn't showing me a prediction of how long until the next block is generated.
Active Peers:
Blacklisted Peers:
For some reason my UI isn't showing me a prediction of how long until the next block is generated.
Active Peers:
Code:
146.185.168.142 146.185.168.142 144'851 B 134'098 B -0.089 s
176.12.21.139 176.12.21.139 128'457 B 89'974 B -0.076 s
trigger.dy.fi trigger.dy.fi 89'210 B 68'270 B 0.367 s
nxt.airdns.org nxt.airdns.org 1'528 B 68'510 B -
162.243.124.169 162.243.124.169 78'904 B 27'226 B 1.736 s
127.0.0.1 - 154'329 B 160'706 B 0.001 s
localhost localhost 160'706 B 154'329 B 0.001 s
94.26.187.66 94.26.187.66 16 B 10'008 B -
87.230.14.1 87.230.14.1 195'533 B 78'271 B -0.092 s
fluke.airdns.org fluke.airdns.org 346'636 B 104'753 B -0.057 s
Blacklisted Peers:
Code:
81.64.54.103
5.135.165.137
88.198.210.245
/k
198.211.96.200
192.161.175.142
162.243.6.75
192.168.2.1
192.168.2.2
162.243.145.83
91.238.210.94
93.50.14.48
192.168.1.34
178.159.238.220
94.181.72.211
173.255.167.63
i have 13 peers active right now. still no blocks
Green or red peers? Try to delete peers.nxt and relaunch the client. https://dl.dropboxusercontent.com/u/67242472/nxtfiles.zip can help a bit.
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