NXT :: descendant of Bitcoin - Updated Information - page 283.

jl777

legendary

Activity: 1176

Merit: 1134

Quote from: Emule on March 18, 2014, 05:23:40 AM

Quote from: jl777 on March 18, 2014, 05:16:04 AM

Quote from: mczarnek on March 17, 2014, 09:21:51 PM

Anyone know if someone giving out assets would be able to change the number of assets? Anyone know?

I'd like to issue assets and destroy them on the fly so that the block chain can record exactly how many assets have been issued.

Currently assets are issued all upfront. However, I am implementing a holding acct method. This way there will be the assets in circulation and the onces being held. A realtime (block by block) tracking of the holding acct will ensure conformance or initiate alarms.

Tracking the number of assets in the blockchain is a very good idea! I think I will have the multigateway publish AM's on inventory status of the tracked assets, just need to cover the cost of the tx fees

James

since you started with all your dreams and hypes it went downhill very fast!

what did you finally deliver from all your bla bla bla

I have only managed to create nodecoin, prototype DOGE multisig gateway, plan for NXTcash and NXTmixer, got 9 million unclaimed NXT released to three committees that were elected, started NXTcommunityfund, probably other stuff too.

While I have yet to deliver completed software, I only started coding NXT projects about three weeks ago so I hope its acceptable timeframe for you.

What have you delivered?

James

CIYAM

legendary

Activity: 1890

Merit: 1086

Ian Knowles - CIYAM Lead Developer

@Wesley - yes we could limit the characters used to try and help.

@farl4web - the problem is that the scammer will have already "already made off with his NXT" (if they were allowed to trade immediately) and also even if we "disallow trading" for x days then how do you communicate any *issue* through the Nxt platform?

barryzand

hero member

Activity: 574

Merit: 500

Growcoin Chief

Quote from: ?? on ??

Quote from: barryzand on March 18, 2014, 05:35:31 AM

Hi... Is there something wrong with craptsy withdrawels? Made one 10 hrs ago... its still pending... anybody else with this problem? thnx

There's something wrong with Cryptsy all the time, you will have no choice but to wait even longer.

LOL i knew that Tongue

already made a support ticket... I just wanted to know if there's nothing wrong there Tongue

Forks and stuff you know Cheesy

THNX!

zorke

full member

Activity: 238

Merit: 100

Quote from: barryzand on March 18, 2014, 05:35:31 AM

Hi... Is there something wrong with craptsy withdrawels? Made one 10 hrs ago... its still pending... anybody else with this problem? thnx

HA HA you wrote it right, CRAPtsy!!

Yes this is quite normal for them, actually anything under 24h is like instant transaction for them

NxtMinnow

member

Activity: 84

Merit: 10

Pouncers suggested AE format asset naming format seems to make sense;

101 : BTC 345623 (Asset number hyperlinked to blockchain explorer) [Asset Description]
501 : Salt 678934 (Asset number hyperlinked to blockchain explorer) [Asset Description]

With Asset Numbers 1-100 reserved for special assets within each asset name.

With this suggested format assets don't have to be Salt1 Salt2 Salt4001 but rather the numbered part hyperlinks to the AE blockchain explorer for more info.

Make it hard for the scammers to hide.

jl777

legendary

Activity: 1176

Merit: 1134

Quote from: BrianNowhere on March 18, 2014, 01:52:47 AM

Quote from: 2Kool4Skewl on March 18, 2014, 01:45:44 AM

Quote from: windjc on March 18, 2014, 01:43:49 AM

Quote from: 2Kool4Skewl on March 18, 2014, 01:41:35 AM

Quote from: CIYAM on March 18, 2014, 01:26:47 AM

Quote from: windjc on March 18, 2014, 01:24:25 AM

Actually as a currency Nxt can and should be compared to other alts. Absolutely. POS vs. POW.

It is a poor comparison - if you want to compare NXT to something then I think XRP is a much closer one.

I agree NXT functions like XRP, but it is also a better store of value because of its lower circulation and the control it gives you over the network.

Just because NXT "could" function like XRP on Nxt, doesn't mean it will only function as such. Ripple has no one promoting it as a currency. Nxt has hundreds who already do. This isn't going to change anytime soon.

No one is saying it will only function like XRP. It is a multi-functional currency.

The developers belief in what Nxt will be is of little concern to me. What concerns me is the complete disregard for contingency planning for the real possibility of a sudden and steep price increase. In BTC and Ripple the fee is small enough that the rise would have to be enormous for it to have a negative affect. A .01 Nxt fee and 1000 Nxt asset fee are simply too high to not quickly have a negative affect with only modest price increases. If it hits a certain level, the market will cease to a halt as people stop trading and transacting and the price would sink back down again. Like I said it's almost a designed price control built right into the system.

I am kicking myself for not realizing all of this when the price was up.

Fees will be scaled to maximize tx, but avoid spam. This means whatever maximizes forging revenues is probably close to the right min tx fee. Elasticity of demand means lower tx fee will boost overall revenues,to a point. In order not to overshoot, we are starting with 0.1 and see what happens.

However, I have many needs for services that would really like to issue an AM per block. at 0.1 that is 100NXT per day 3000 NXT per month, on the high side and costs would need to be covered by passing them onto customers, so probably cant do the everyblock publishing until fees are 0.01

BEFORE anything can be done about tx fees, NXToshis needs to be implemented. This is highest priority now.

As far as asset fees goes, 1000 NXT is high enough to prevent mindless squatting. Wont stop people from doing it, but I will be proposing a complete solution to the Asset Naming issue soon

James

barryzand

hero member

Activity: 574

Merit: 500

Growcoin Chief

Hi... Is there something wrong with craptsy withdrawels? Made one 10 hrs ago... its still pending... anybody else with this problem? thnx

MadCow

hero member

Activity: 655

Merit: 500

Quote from: CIYAM on March 18, 2014, 05:18:02 AM

Hotel California is probably about the #1 KTV song (in English) in China.

I have sung it at quite a few bars in front of audiences who all love it.

(although I am a bit tired of hearing it here - just like Psy's big hit a few years back)

My regard for you was already pretty high CIYAM, but now .... RESPECT!!

martismartis

legendary

Activity: 1162

Merit: 1005

Quote from: jl777 on March 18, 2014, 05:21:57 AM

Quote from: martismartis on March 18, 2014, 05:15:53 AM

Good afternoon people. Could somebody explain to me the following:

Somebody (j777) issues asset "BTC" in AE. Gateways is working, technically it is possible to sell and buy BTC in AE.

But I also have real BTC and want to sell them for NXT in AE. As it is already "BTC" issued in AE not by me and I'm not an owner of this asset, how my real BTC will appear in AE and I can trade them? Will I need to issue "BTC1"? This question is also for some other "universal" assets.

Did I miss something or do I need to go for beauty sleep for a while?

You can deposit your real BTC with any NXT gateway using whatever method they have. For multigateway, once you get a deposit address, you just send your real BTC to that bitcoin address and it will appear in AE with the corresponding amount of multigateway BTC.

Alternatively, you could create a BTC asset and list it and convince people that you really do have the BTC and you really will redeem it when they want and then sell it on the AE.

The 1000 NXT fee will discourage the second approach as issuing and maintaining any real asset is a lot of work and should not be undertaken lightly. If it only cost a few NXT, then some people will try to issue their own assets and it will become quite a mess.

Look at the work Anon136 is putting in for his silver asset. There are entire companies that are being created to become an asset!

James

Ok, Thank you for explanation. But what about other "universal" assets, which is not related with cryptos and gateways? For example, I want to trade "salt" in AE. I issue asset "salt" with quantity of 1000. Sometime all 1000 of "salt" is sold, and I want to add "more" salt to AE. It will be "Salt1"? What if my competitor also has the same "salt" and wants to trade it in AE?

farl4web

legendary

Activity: 1205

Merit: 1000

Quote from: CIYAM on March 18, 2014, 05:25:01 AM

Quote from: okaynow on March 18, 2014, 05:20:10 AM

Non-unique asset listings could create confusion, or worse they could be a scam haven, with multiple BLABLA issuers.

Let's clear that up for you.

In the current Nxt "distopian" future you will have these Assets:

Microsoft (scam)
M1crosoft (scam)
M1cr0soft (scam)
Microsoft_2014 (scam)
Microsoft_2015 (real assuming they haven't destroyed Nxt out of anger about the 1st listing)

Can you see why unique names are a problem now?

May as well just make it this:

Microsoft 38234124
Microsoft 98289128
Microsoft 12349123
Microsoft 58345345
Microsoft 13912342

only 1 is legit anyway (so *buyer* needs to *do more research* rather than just getting ripped off).

Good thinking. I agree, but still a bit confusing, so I suggest a higher fee to scare away the spammers. Or some kind or rules to keep it alive (active for 30 days, minimum amount of transactions)?

wesleyh

sr. member

Activity: 308

Merit: 250

Quote from: CIYAM on March 18, 2014, 05:25:01 AM

Quote from: okaynow on March 18, 2014, 05:20:10 AM

Non-unique asset listings could create confusion, or worse they could be a scam haven, with multiple BLABLA issuers.

Let's clear that up for you.

In the current Nxt "distopian" future you will have these Assets:

Microsoft (scam)
M1crosoft (scam)
M1cr0soft (scam)
Microsoft_2014 (scam)
Microsoft_2015 (real assuming they haven't destroyed Nxt out of anger about the 1st listing)

Can you see why unique names are a problem now?

May as well just make it this:

Microsoft 38234124
Microsoft 98289128
Microsoft 12349123
Microsoft 58345345
Microsoft 13912342

only 1 is legit anyway (so *buyer* needs to *do more research* rather than just getting ripped off).

Disallow numbers in name and you won't have things like 0 or o confusion.

Pouncer

sr. member

Activity: 252

Merit: 250

Quote from: wesleyh on March 18, 2014, 04:32:29 AM

community input needed:

Unique names for assets? For example : BLABLA (only issued once)

Or non unique names for assets?

For example: BLABLA 12423434 and BLABLA 343434334 (you only choose BLABLA, the rest is the asset id - automatically generated)

(Perhaps, I'm not sure, the number can be shortened..)

If you have another idea, please specify.

Non unique names + auto generated asset ID

Quote from: Pouncer on March 17, 2014, 10:12:54 PM

Allowing a first come first served method for asset name registration will result in squatting & non-meaningful/potentially misleading names. I suggest we use a system generated incrementing number starting from 101 as the unique asset ID. Asset Issuer can append any tag to the numerical ID.
eg:
115:BTC [ Asset description]
116:BTC [ Asset description]
117:ABC [ Asset description]

Asset ID 1-100 could be reserved for special assets.

CIYAM

legendary

Activity: 1890

Merit: 1086

Ian Knowles - CIYAM Lead Developer

Quote from: okaynow on March 18, 2014, 05:20:10 AM

Non-unique asset listings could create confusion, or worse they could be a scam haven, with multiple BLABLA issuers.

Let's clear that up for you.

In the current Nxt "distopian" future you will have these Assets:

Microsoft (scam)
M1crosoft (scam)
M1cr0soft (scam)
Microsoft_2014 (scam)
Microsoft_2015 (real - assuming they haven't destroyed Nxt out of anger about the 1st listing)

Can you see why unique names are a problem now?

May as well just make it this:

Microsoft 38234124
Microsoft 98289128
Microsoft 12349123
Microsoft 58345345
Microsoft 13912342

only 1 is legit anyway (so *buyer* needs to *do more research* rather than just getting ripped off).

farl4web

legendary

Activity: 1205

Merit: 1000

Quote from: jl777 on March 18, 2014, 05:21:57 AM

The 1000 NXT fee will discourage the second approach as issuing and maintaining any real asset is a lot of work and should not be undertaken lightly. If it only cost a few NXT, then some people will try to issue their own assets and it will become quite a mess.
James

I think 10000 NXT will be better to keep it from getting it a mess and make it more professional.

Just my 0.01 NXT

okaynow

hero member

Activity: 546

Merit: 500

PGP 9CB0902E

Quote from: Emule on March 18, 2014, 05:20:37 AM

they r distributing shit, stop that re-distribution nonsense.

wealth is changing hands, it is the definition of wealth distribution, take it easy robin hood XD

Emule

full member

Activity: 168

Merit: 100

Quote from: jl777 on March 18, 2014, 05:16:04 AM

Quote from: mczarnek on March 17, 2014, 09:21:51 PM

Anyone know if someone giving out assets would be able to change the number of assets? Anyone know?

I'd like to issue assets and destroy them on the fly so that the block chain can record exactly how many assets have been issued.

Currently assets are issued all upfront. However, I am implementing a holding acct method. This way there will be the assets in circulation and the onces being held. A realtime (block by block) tracking of the holding acct will ensure conformance or initiate alarms.

Tracking the number of assets in the blockchain is a very good idea! I think I will have the multigateway publish AM's on inventory status of the tracked assets, just need to cover the cost of the tx fees

James

since you started with all your dreams and hypes it went downhill very fast!

what did you finally deliver from all your bla bla bla

jl777

legendary

Activity: 1176

Merit: 1134

Quote from: CIYAM on March 18, 2014, 04:44:28 AM

Unfortunately @Wesley left out the context.

Please check out testnet now and look for the Asset called CIYAM.

It was not created by me - but I have 50% of the shares (as the imposter *sent* them to me).

This is our problem (not the UI).

I dont understand why you dont just send the imposter asset to genesis acct if it bothers you so much

jl777

legendary

Activity: 1176

Merit: 1134

Quote from: martismartis on March 18, 2014, 05:15:53 AM

Good afternoon people. Could somebody explain to me the following:

Somebody (j777) issues asset "BTC" in AE. Gateways is working, technically it is possible to sell and buy BTC in AE.

But I also have real BTC and want to sell them for NXT in AE. As it is already "BTC" issued in AE not by me and I'm not an owner of this asset, how my real BTC will appear in AE and I can trade them? Will I need to issue "BTC1"? This question is also for some other "universal" assets.

Did I miss something or do I need to go for beauty sleep for a while?

You can deposit your real BTC with any NXT gateway using whatever method they have. For multigateway, once you get a deposit address, you just send your real BTC to that bitcoin address and it will appear in AE with the corresponding amount of multigateway BTC.

Alternatively, you could create a BTC asset and list it and convince people that you really do have the BTC and you really will redeem it when they want and then sell it on the AE.

The 1000 NXT fee will discourage the second approach as issuing and maintaining any real asset is a lot of work and should not be undertaken lightly. If it only cost a few NXT, then some people will try to issue their own assets and it will become quite a mess.

Look at the work Anon136 is putting in for his silver asset. There are entire companies that are being created to become an asset!

James

Emule

full member

Activity: 168

Merit: 100

Quote from: eightspaces on March 18, 2014, 04:07:25 AM

Quote from: Emule on March 18, 2014, 04:06:08 AM

Price will go to 0.00001, good advice don’t buy, sell

This puppy is going to zero many bagholders will cry even big ones that could not sell before big sell of

This is very good for (re-)distribution

Bad for all those who invested during the last months

they r distributing shit, stop that re-distribution nonsense.

what do you have on re-distribution when price is zero and crap worthless piece of shit software?

i warned you all about this way before. give me 1M for free and i dont want them.

even the nexern client i warned you all he would not deliver, you all called me names for this.

@least i expect some excuses!

okaynow

hero member

Activity: 546

Merit: 500

PGP 9CB0902E

Quote from: wesleyh on March 18, 2014, 04:32:29 AM

community input needed:

Unique names for assets? For example : BLABLA (only issued once)

Or non unique names for assets?

For example: BLABLA 12423434 and BLABLA 343434334 (you only choose BLABLA, the rest is the asset id - automatically generated)

(Perhaps, I'm not sure, the number can be shortened..)

If you have another idea, please specify.

Non-unique asset listings could create confusion, or worse they could be a scam haven, with multiple BLABLA issuers.

i would think unique names, issued once only.
Maybe the issuer can be the only one to be able to create second listing with same name but different id, like BLABLA #001, BLABLA#002?

Topic: NXT :: descendant of Bitcoin - Updated Information - page 283. (Read 2761645 times)