Topic: NXT :: descendant of Bitcoin - Updated Information - page 282. (Read 2761645 times)

+1

Good post, I think we need something like "verified accounts" in Twitter. The asset issuer would need to give up his anonimity. This way we know who he is and he is less likely to scam. Verified account status can be taken away too.

There is this thing called Branding
iPad, android these are not stupid names
in fact generic names are not so good at branding because it is generic
Do you want a Tablet PC? or an iPad or Galaxy or whatever specific brand?

[Solution for Asset Naming Issue]


First off, any changes in how Asset Names are handled in the core will delay release of AE. It also impacts all the code written against the current spec. So, any solution that doesnt require NXT core changes wins any ties.

If you have not used Ripple, you have not personally experienced buying USD for $1.01 USD and then finding out that you cant do much with it because it is the "wrong" USD and nobody is trading it actively. So, you spend a lot of time to get the "right" USD without paying a 20% premium. Finally, happy with this achievement, only to see it rippled away automatically back to the "wrong" USD.

Since we are not talking about automatic rippling along trustlines that we dont even have, the last part is not an issue. However, NXT not having trustlines is a key issue and allowing assets with the same name and not having trustlines is a recipe for disaster. Random numbers added to them might or might not get average Joe to investigate. Exactly how is average Joe supposed to investigate anyway? Is he going to write blockchain analysis code to analyze historical transactions of the issuer? Maybe there is a blockchain explorer that makes it "easy". Yes, thats it average Joe can click click click on all the dozens of BTC assets, all which look alike, investigating for hours to find the best asset to make his 0.1 BTC purchase.

Huh?

We might as well put up a don't use NXT Asset Exchange sign if we are requiring all this effort from EVERY user of AE.

BCNext has said that voting system was there for AE. I didnt realize how right he was (again) until recently. We can automatically create an +/- poll on asset creation, cost is not an issue and display this right along side the asset name. The assets that are popular will get a lot of votes and unless it is a scam or has big problems, it should be above 50% +

I expect my assets will get quite a few negatives as my "coin that shall be named" will destroy NXT, so 100% positive is not realistic. The market will show us what the voting results for the real issuers will be and when we have a baseline, we can display that as a reference. Now that I think about it Anon136 could get a 100% positive vote, he will mess up the average for the rest of us.

This method does not require changes to the NXT core and it utilizes the voting system for AE, just like BCNext said. If you really want to add a new random number field to confuse the average Joe into "doing research" that he is not capable of, I cant stop that. It just doesnt actually solve the real problem, which is this "doing research" part. Lets just display the research in realtime alongside each asset.

Additionally, I think we need a Preferred Issuers checkbox in the GUI's that will only display assets from Preferred Issuers. This totally gets rid of scammers as we make the fee to be a Preferred Issuer 10000 NXT, paid to the client devs for updating their software with the details about the Preferred Issuers. users can always uncheck the Preferred Issuers checkbox to see the thousands of assets from every scammer.

Ripple allows anybody to issue any asset. Totally buyer beware. I predict that this lack of supervision will explode in their face one day, especially in a litigious country such as USA where they are based. It would be really ironic if the most centralized asset exchange doesnt do any issuer due diligence, while the most decentralized AE does!!

Ok, so how do we decide who the Preferred Issuers are? The three committees have been elected by the community, so in some sense they represent the community's will. We just create an application process, along with 10000 NXT sent to any of the three committees. They will do whatever due diligence they feel is required and if they approve it, they submit it to the other two committees for approval.

Once approved, funds are dispersed to the client devs to add support for the new Preferred Issuer. Maybe the committees could keep some of it if the due diligence process is time consuming. I am not advocating anything like blood samples or passport IDs, but if a newbie that just registered yesterday wants to issue BTC assets and become a Preferred Issuer, that clearly would require some escrow deposits to reduce the risk. I dont think it makes sense to have any hard and fast rules as this is such new territory. We shouldnt make it impossible for new people to issue assets, after all we want to get new people into the community. Scam prevention should be the highest priority. We have to do the research and present that research to the average Joe.

Legally, I would recommend that we do not guarantee any investment result, etc. Just that the Preferred Issuers went through a process and passed it. The average Joe can review the actual due diligence report and the ultimate responsibility should be Joes, at least legally. Our job is to make the job of scammers to be as difficult as possible. Scammers will scam. That is their nature. We probably cant eliminate all scams and we need to keep track of how many Preferred Issuers ended up scamming people. As long as 95%+ of Preferred Issuers are solid, that would sure be a much safer place to trade than the wild AE.

I proposed to ripple that any issuer would need to describe things using math whenever possible. Especially about the reserve percentage and for investments, what gives the asset values. Assets were being issued where the promoters were claiming that 1 BTC will be worth 2 BTC because he will gradually increase the selling price! He didnt say he would increase the bids, just the asks. Naive users could easily fall for a gradually increasing price, especially if there are bots trading between themselves at ever increasing prices. If the asset backing was fully disclosed as being 1 BTC, then this would go a long ways. However, I think the committees should reject any sort of asset that is using fractional reserves, or at least have a special category for it.

It fell on deaf ears. I hope NXT community will take this proposal seriously. NOBODY else is solving the real problem of allowing anybody to issue assets.

James

I totally understand what you are saying here and have said what I think is the exact same concept myself here:  


This is why we MUST continue to focus on the 1.0 cryptocoin fundamentals AS WELL AS plunge into the no-guarantees-of-success-or-profit world of 2.0 cryptoexchanges.

you know why it is good if the price drops?

big NXT owners are going to sell their coins and this will result in to a better distribution of the coins!

This magazine is published in the town where I currently live, and I drive by their office every day.   What arrangements have you made with them for ongoing content?  Maybe I could provide some input...

Wise Words!!! 


Funadamental analisys
Jesus says in Luke 6:48, "He is like a man who built a house. He dug deep to put the building on rock. When the water came up and the river beat against the house, the building could not be shaken because it was built on rock."

nxt is built on rock?

Technical analisys
In Chapter 14 of Proverbs, we are given solid advice. It says, "The naive believe everything . . . but a wise man looks well into a matter."

"technical indicators are well?"

Sentimental Analisys
"Be fearful when others are greedy and greedy when others are fearful."

buy now or sell now?  

Usually takes about half a day for me. Much shorter than the others I have used. Of course they may take a lot longer if you refer to them as craptsy 

Thanks for this James! First time I bookmarked a post!  

Name should not be unique, since it's purpose is NOT to uniquely identify asset, there is asset id for that.

If asset names are unique, what would happen if 200 sellers want's to sell tablet pc's over AE - only one could call it's asset Tablet PC, and 199 of them would have to give
some stupid names to their assets...??

I think asset should be just what it is - token which can securely link issuer and buyer of the asset
- buyer knows who issued an asset, and an asset should contain a pointer-URl to detailed description of asset itself...

Beautiful.

I am the only one coding the core of the multisig gateway, but antanst who created NXT tipbot and http://testnet.nextblocks.info/ is helping with the web side, including google authenticator verification of withdrawals

I am a simple C programmer, so it would be great to have somebody who can refactor it into a different language. I am currently doing a total refactor now that I got the proof of concept working. Based on antanst's feedback (he didnt like the single gateway reliance for 1 second on deposit into sweep acct), I am in the process of abstracting and generalizing acct creation so it will be possible to manage a separate multisig acct for each user's deposits. As they trade assets, their deposit acct balance wont correlate to their holdings, so the deposit accts add up to being a single virtual acct for the entire gateway.

I plan on balancing the multigateway deposits so that over time, it will be evenly spread out across the accounts to provide minimal incentives for hackers to try to crack multiple hardened server locations at the same time. Fragmented multisig!

If there was an independent implementation of the multisig gateway, then when all three servers come to consensus as to a withdrawal, any bug in my code wont be replicated on all the servers, so while it might take a while to totally synchronize the algorithms, it will provide yet another redundancy.

As far as NXT price goes, It is hard to imagine that NXT wont reach $1 USD at some point in the future, however NXT is under attack as evidenced by the large amount of recent trolling, some a lot more convincing than emule. Expect volatility ahead as the anti-NXT guys that have accumulated a large amount from previous spikes and dumps still have reserves. NXT represents a big threat to the establishment, bitcoin and fiat, and it does not take much to double the price or halve the price. A volatile price shakes confidence. Look at what the fiat guys did to bitcoin!

As far as active developers on major crypto goes the following is my ranking:
1) Bitcoin - not sure, but assuming there are quite a few
2) NXT - I know of at least a dozen devs, probably a lot are working in stealth mode
3) Ripple - 10 devs/tech guys https://www.ripplelabs.com/team/
4) etherium -
5) counterparty - 3 devs
6) mastercoin - 3? devs not as good as counterparty but they have thousands of BTC)
7) DRK - 1 dev + 1
8  Anoncoin - 1 dev maybe 2?
9) emunie - 1 dev

There are other coins with a couple of devs, but most altcoins dont even have a single fulltime developer! I apologize to things like colored coins and others that I am sure exist, but I only use coinmarketcap to get candidates (other than ETH and emunie)

Those of you that are not programmers, I ask a favor. Please stop complaining. It really doesnt help morale at all and it is counterproductive. If you want to help, test. If you cant test, then just lurk instead of bitching. You do want to help dont you?

Now if you are invested in NXT to quickly double your investment, please join emule. The scope of NXT is quite a bit larger than a 3 week project. If you do not understand this, I suggest sell. If you like centralized organization, there is mastercoin and emunie for you. They are very centralized. You could always invest in XRP, but then again there is that 55 billion they have promised to giveaway, but that still leaves another 45 billion that could hit the market at any time. People complain about a few accts with 50 million NXT??? What is a few people having 5% each compared to a single organization controlling 93% of inventory???

NXT price will not go in a straight line. People will buy the rumor and sell the news, like what happened with mastercoin. It is no surprise that the price goes down when they release. The reason is that it was preannounced, everybody knew it was going to come out. So everybody who is into that sort of thing already purchased it before the release, who was left to buy it? Nobody. That is why the price went down. Day trading 101.

NXT is a currency. Yes of course it is. Everybody can see their NXT balance. There is a price in the markets. You can send NXT to people. Anybody that says NXT is not a currency is being silly.

NXT is a platform. Yes of course it is. I built nodecoin not out of thin air, but on top of NXT. It took a day of coding. This shows the power of NXT, I am just a simple C programmer. Imagine what somebody with real skills could do!

NXT is a decentralized asset exchange. Yes of course it is. We can all see it on testnet.

NXT is a . Yes of course it is. NXT enables things. NXT is like the internet. Does anybody say that email IS the internet or that the internet IS email? Is the internet http? Is http the internet? Is bittorrent the internet? Is the internet bittorent? Is ...

I hope you get the idea. There are literally a thousand things that can be built on top of NXT. One of the reasons why I starting coding again is that I wanted to create a developers kit to make it easy for other simple C programmers to create stuff. I was a little rusty at first and all this crypto decentralized stuff was new so I had a steep learning curve, but I am getting in to gear so if I can stop getting distracted by all this nonsense in this thread I could be pretty productive.

However, when there is a serious threat to NXT, I need to respond and the level of insidious undermining of confidence in NXT that is going on has gotten to a point where I have to take time out of programming.

If NXT is dead, then everything other than bitcoin is dead. BCNext is gone, but was he ever really here? Actually I dont think he was ever on this thread. In any case, jean-luc is our BCNext now. He is here to stay and if you havent noticed, he keeps cranking out release after release. His code is so nice and clean, I am even tempted to learn Java! If jean-luc was the only developer, NXT would still survive. However, we have so many more contributors. True many left for other projects, but that only makes sense if you are after the big score. Going from nothing to a few millions. Sure, nice if you can get it, but what happens when the price of the new fantastic NXT clone comes out and ** gasp ** nobody becomes a millionaire? The people that jumped ship wont stick around long as they have proven that they are quick to abandon.

Anyway, we all know that the initial distribution wasnt great. However, it is much, much better than ripple. NXT isnt perfect, it is what it is. If you dont like it, please sell and leave us in peace. For whatever its worth, it is my opinion that NXT is better than any of the alternatives and my multisig gateways and other add on services will not be available for any NXT clones, regardless of who makes them. Without real world gateways, NXT is confined to crypto land. With real world gateways, NXT can expand into the real world. The multigateway to other cryptos is just a start.

Anyway, please bookmark this or whatever and use it for anti-FUD. I am tired of repeating myself. gotta get to work

James

P.S. back to the NXT is like the internet analogy. Assuming you agree with me on that, please estimate how much owning some percentage of the actual internet would be worth. Owning NXT would be like that. Long term real estate thinking is what you need to have. NXT is raw land now, bulldozers, construction workers, big mess. If you dont like messy things, sell NXT

Naa don't worry, its just the ups and downs, like everything in life. Hold and don't panic. crypto coins are still new to the world. give it 5-10 years more and we will not be able to imagine a world without them. Plus, if you sell now... Emule will buy them all up.

I doubt Cryptsy will ever get better. From the day one I am using them they are horrible, with every coin except BTC. People are complaining 24/7 about them.

Mintpal will overtake them and leave them in a dust.

Too bad, I have never had problems with them and I traded really often there. Sometimes somebody is unlucky I guess. Try to contact the owner, he will help. Good luck!

Also waiting for wd. Cryptsy will get better eventually. NXT is still very young (and different!).

I have to give a shout out to BTER.  They've been flawless with NXT since day 1. Both withdrawals and deposits.

I will never touch DGEX again. Taken 30k  NXT from me.

- of course.

Ok, thanks. I am looking forward to it. 

remember guys where there is a seller people are buying. anyone selling nxt now.is gonna regret there actions. anyone buying nxt atm will be very happy in a few weeks time  HODL