Topic: NXT :: descendant of Bitcoin - Updated Information - page 2521. (Read 2761645 times)

I agree with you that the current model is potentially dangerous, but I doubt that the early adopters, or at least the earliest adopters, whom invested roughly 21 BTC in the development of NXT, would want it to fail. Also, while it may not be the perfect model, a model in which those with the most are least capable of mining more NXT would probably be a poor idea.

Version 0.2.17 - https://dl.dropboxusercontent.com/u/67242472/Nxt.zip

Some minor changes in interface, now u can see transaction ids. Install it if u have disappearing transactions issue.

SHA256 = 82211d874f3786c8e34ab133e6c1d954dc550053c9dd847b533f49fb4bf048ec

Amazing! You say: "if they (big stake holders) wanted NXT to fail they could intentionally choose not to use their NXT... ever."
So tell me mr. genius in that case whose loss will be more, if big stake holders try to fail NXT that way??!
Of course these big stake holders will lose more, because as by their intentional action NXT fails and loses its value, they who hold a lot of NXT will lose more. Did you understand??! I am not sure!
The same thing applies to 51% attack: in PoS coins like NXT 51% is more expensive and less logical, because 1- you need to pay and acquire 51% of the stakes to be able to attack 2-Even if you succeed, after your attack the PoS coin loses value because of the attack and insecurity, and again the attacker himself loses more, as he owns 51% of coins and they lost value. Did you understand?
I remember I donated you 5K Nxt!

Stakeholders don't want Nxt to fail, they won't get money in this case. Bitcoin has similar problem, it's more profitable just to sit on ur bitcoins, but as u see ppl sell and buy them and everything looks fine. Practice shows that ur scenario likely not to happen.

Yes because we're not guaranteed the top stakeholders will ever use their money... see the failure that is "trickle down economics." They have too much leverage early on. Worse yet, if they wanted NXT to fail they could intentionally choose not to use their NXT... ever.

It would be different if they were initially mined like such that everyone has the same probability, as the distribution would be more spread and have a much more even decay.

I don't have access to all the NXT account balances, but if I did I would plot them on a graph. I guarantee the distribution is god awful and will be like that for a very long time. New adopters can ONLY get NXT if they buy them. It's too difficult to acquire. Stakeholders have no obligation to sell them.

I'm not trying to undermine NXT but these are SERIOUS issues that NEED to be resolved if you want NXT to have shot of becoming successful.

4 Nxt is too small amount. For 1$ worth bitcoins u could buy ~1000 NXT.

I have 4 Nxt, but don't see anywhere the next time that I can mine a block? Can someone explain how to mine, or do I simply have too little Nxt to be capable of mining?

Right. Do u think it's bad?

it's funny you mention the giveaway thread. I promoted NXT already, yet I have not received any coins to start mining.

Mining is pointless coz only a few ppl use Nxt now. We have to wait, the same thing as with Bitcoin/Litecoin/etc.

I have 200k NXT and left my account open while I went to Thanksgiving. I came back 10 or so hours later and I haven't mined one NXT. I have had these for over 24 hours. Am I doing something wrong?

someone with 1mil has a 1mil/1bil chance of mining a block while someone with 100k has a 100k/1bill chance to mining a block. That is, the 1mil is ten times as likely to mine a block.

Well, the first thing that comes to mind is this:

0-1 Billion coins, everyone has equal probability of mining coins. Once all 1 Billion coins are mined, it switches to the current PoS model, that way the distribution is fairly equal over time, and it's a little bit more predictable.

Unfortunately, with this model, people could create hundreds of mining accounts to increase their probability, and even if they did it wouldn't benefit them to a ridiculous level since adding another miner reduces the mining probability of everyone entirely. You could perhaps enforce 1 mining account per-node, this even gets rid of pooled mining. I realize this idea isn't perfect either but at least the wealth distribution would be much fairer this way. Earlier adopters still get a perk but it wouldn't be so incredibly one sided like it is now.

For example, NXT hasn't been publicly available for very long. I have ~4000NXT, and the richer accounts have 10s of millions, that's INSANE for only a few days. Another glaring problem, is if a few of these multi-million accounts disappear there goes a HUGE percentage of the market entirely. It's like loosing your BTC wallet but it damages the entire market to an insane degree. It puts way too much power into the stakeholder's hands, power that's potentially damaging to the life of NXT.

4000NXT sounds like a lot but I have a measly 0.0004% chance of ever mining a block with a small fee of maybe 10NXT, and I'm an early adopter! Mining is almost pointless in the current model because the fees are so low no one is really benefiting except for the stakeholders and with 10NXT to their 10M NXT it's not even noticeable to them either.

THERE IS A GIVEAWAY THREAD - PLEASE TRY TO KEEP THIS THREAD CLEAN!!

https://bitcointalk.org/index.php?topic=347927.0;topicseen

I think come-from-beyond already explained this, but you get how many blocks in proportion to how many coins you have. So someone with 1mil coins will earn the same proportion as someone with 100k. You make as much as you put in.

The emission scheme is not even clear in the announcement thread.

I am trying to figure this currency out.

So the only way to mine it is to own it? The only way to have owned it was to essentially invested in the project from beginning. Investing in the beginning netted people around 1.5 million Nxt coins. Now for new people to mine, they need to first purchase it from an original investor?

I appreciate that many of the originals were giving people free coins in the beginning, but this "construct" just feels strange to me and if anything hinders the entrance to and future growth of this currency.

The world is not perfect. If u devise a cryptocurrency that is "green" but has a much better wealth distribution algo, let me know I'll help u with programming.

I don't think they were "mined." They were given to stakeholders who, I believe, paid in BTC for them.

Please send a tip to start mining and test this new coin! 2690459079639352670

How the first coins were mined?