Topic: NXT :: descendant of Bitcoin - Updated Information - page 352. (Read 2761650 times)

OK, line by line;

"I've read ripplescam.org before so I'm familiar with it."

Great. Please read it again.

"Part of my point is that from some of the talk I've surmised by reading this thread there has been allusions to to the fact that to get true Transparent Forging working as promised (to obtain transaction speeds that can compete with Ripple's) we are going to need high end servers running on VPS's that will require administration and money. "

Yes networks cost money and require administration to run.

"Who will be running these servers save for a few NXT fat-cats with a vested interest? "

The original Nxt VPS operators are taking a risk to volunteer their time and expertise to build and secure the Nxt network. After the Nxt Asset Exchange is released to the Nxt mainnet, forging fees will increase from the increased NXT based AE trading volume. This in turn translates to revenue for the original VPS operators in the form of forging NXT (transaction fees). As Nxt AE volume further increases, more people will have incentive to maintain Nxt nodes (which by the way do not need to be VPSs)

"How is that very much different or less centralized than what Ripple is doing?"

The Ripple system is operated on a distributed ledger, not a decentralized ledger like Nxt is. Ripple is funded by Andreessen Horowitz and Google Labs. Google Labs surely would never hand sensitive customer data over to agencies with three letters would it?  


"ripplescam is also a little outdated as they have released the server source code and anyone can run one. "

Of course anyone can run compromised software if they choose to.

"Bitstamp and Peercover would be likely candidates to do so if anything every happenedd to Ripple Labs, which is pretty much the same argument I hear regarding the type of people who will run servers for NXT."

This sentence is so vague it cannot be reasonably responded to. What is your question? Bitstamp and Peercover would be candidates to "do so" ? What?

"With Ripple at least I know it works, transactions in XRP are fast and irreversible and I don't have to worry about whether enough Ripple users are running nodes now or in the future or worry about DDOS attacks."

I know Nxt works. Transactions in NXT are fast and irreversible with one minute block generation times. The Nxt network is designed to be the most efficient and secure blockchain technology with revolutionary features not found in any other cryptocurrency platform. The Nxt network is extensible with use of Arbitrary Messages and Automated Transactions.

Nxt has already successfully fought off DDOS attacks months ago. That fear is misplaced. You should be more concerned about the implications of this article http://bitcoinmagazine.com/10958/geostrategic-implications-bitcoin/ than whether or not Nxt can fight off a DDOS attack. It can.

"As far as the decentralization goes, maybe NXT represents a slight improvement but that's about the only area it is superior. In almost every other area from what I can see, Ripple does it either the same or better."

Again, Ripple is a distributed ledger based system vs. Nxt which is a decentralized ledger system. Does Ripple allow Issuers to issue their own currencies or their own shares in companies? How about Messaging? Does Ripple have that? Does Ripple have a decentralized Voting System near implementation? No?

"For a decentralized system to beat a centralized one it still has to be superior. Merchants and Consumers don't really care about the inner workings. It will come down to which system they trust more."

For the last time, Ripple is a distributed ledger based system and not a decentralized ledger based system like Nxt. Nxt is superior and offers numerous advantages to the corporate sponsored Ripple. Ripple powered by Google money. Decentralized? Not even. Good night.

Yawn.

Edit: Still yawning.

happy birthday young freeze

+BAM!

++nodez

I've read ripplescam.org before so I'm familiar with it. Part of my point is that from some of the talk I've surmised by reading this thread there has been allusions to to the fact that to get true Transparent Forging working as promised (to obtain transaction speeds that can compete with Ripple's) we are going to need high end servers running on VPS's that will require administration and money. Who will be running these servers save for a few NXT fat-cats with a vested interest? How is that very much different or less centralized than what Ripple is doing?

ripplescam is also a little outdated as they have released the server source code and anyone can run one. Bitstamp and Peercover would be likely candidates to do so if anything every happenedd to Ripple Labs, which is pretty much the same argument I hear regarding the type of people who will run servers for NXT.

With Ripple at least I know it works, transactions in XRP are fast and irreversible and I don't have to worry about whether enough Ripple users are running nodes now or in the future or worry about DDOS attacks.

As far as the decentralization goes, maybe NXT represents a slight improvement but that's about the only area it is superior. In almost every other area from what I can see, Ripple does it either the same or better.

For a decentralized system to beat a centralized one it still has to be superior. Merchants and Consumers don't really care about the inner workings. It will come down to which system they trust more.

I could not relate in the conversation in this forum. Maybe because i am just new in this community... or maybe it is just too complex. I am starting to buy NXT slowly. If there is anyone out there interested for selling me a large amount of NXT for LTC for a discount/ lower than market, PM me.

Hi Brian Nowhere,

it's been a long day and you have joined the party late here today. I am going to refer you to http://ripplescam.org/ and you can read all about how Ripple is not actually decentralized. All your other questions can be answered by actually reading this monster thread or the newsletter here: http://nxter.org/nxt-newsletter-5/.    

@jl777
Seriously James, what your are doing in NXT community is awesome. You are one of the *two* peoples that I have put in my favorite bar:

https://bitcointalksearch.org/user/jl777-177323

I had to say it. I Hope you like the compliment and that is a bit of positivity for you... Man you are on the favorite bar of someone, can you believe that!?!

Keep up the good work (but if you think you need vacation, I think you really deserve it)!

James,

I'm glad to hear you have some experience with Ripple. I've been more and more thinking that NXT is shaping up to be nothing more than a Ripple copy-cat and one that is not as good at that and I'd love to hear why you think this is not so.

Ripple already is way faster, Has Decentralized Exchange w/ cross currency trading (Can buy NXT from Peercover with Bitstamp BTC or even Bitstamp USD), the XRP fees for trading are infinitesimal and only for spam protection. You can covert USD to XRP directly via SnapSwap (albeit w/ too high fees). You can even "mine"/acquire them with a far greater return through the BOINC WCG, which is a very noble cause.

NXT is slower, all the assets can only be purchased in NXT, there are NXT fees for doing anything, there is a NXT fee for PLACING a buy or sell order (which no other exchange does) , no one knows if enough people will run nodes, and it's been sounding like the system may end up needing centralized high performing servers to be able to boost the transaction speed to anywhere near what Ripple already has.

I'm really interested in hearing your thoughts on why you think NXT is better than Riipple and why the liquidity will be better or the spreads closer, why more companies and assets will be attracted to it, why REAL businesses and banks will buy into it & why it will be any more  successful.

thanks jl777,i'm trying to run it

I have completed migration of my 26 VPSs to SSL.  As they are on 0.8.9, HTTP is not available, only HTTPS, and I have also enforced POST for APIs with sensitive data to ensure the sensitive data is encrypted (using HTTP GET instead of HTTP POST will expose secretPhrase, even if SSL is used).

I am the only one with access to vps1 - vps12 on nxtcrypto.org and other people have access to vps13 - vps26.  Even so, I would still highly recommend against using secretPhrase even on vps1 - vps12.

That being said, the CA that signed my VPSs' certs is my private self-signed cert.  So it is not signed by any public CA, and as such will error out if you enforce host verification (you should do this) unless you include my CA (so, yes you should do this as well) in your HTTPS client:

nodeminer reports to the pool server the 20 active nodes it is in contact with

the pool server tabulates this and awards nodecoins based on the number of times a node was reported as an active peer

nodecoins are currently automatically sent out when you accumulate 10 of them. This will be changed in the future to require people to specifically request them

nodeminer.c is about 150 lines of C and nodeminer.h about 250 lines, together they make nodeminer and pool server:
https://github.com/jl777/multigateway

Based on the amount of time and amount of code, nodeminer has created the most controversy per line or per hour spent writing it. I did build it on top of the low level library that is under construction that I am writing for multigateway and the other projects, but nodecoin is literally a 400 lines detour that has exploded into major controversy.

James

P.S. I have added blacklisting since the last push, but no other significant changes

Kyle Torpey gave NXT (alongside MSC and ETH) a positive mention on the Keiser Report.

Re: Bitching. Ethereum and Mastercoin will also have ups and down but they don't air it all in public. At least we know what is really going on with NXT.

I just want to say it's great being part of NXT's growth. There will be failures. Google has had over a dozen 'failures' but they just keep trying things until something 'sticks'.

PS: Keep doing what you are doing James.

For mainnet the plan is to require user to redeem their nodecoins by sending in 1 NXT, which is a signal to receive all nodecoins earned.

This sets a floor value to nodecoins to being the average number of nodecoins redeemed at a time, divided by 2 NXT

To clarify, the NXTcommunityfund is comprised of private donations, it is not related to the unclaimed coins fund. As private donations my charter is to do the bidding of the donors. i purposely did not run for any of the three community fund committees.

Most professional devs are not available to work low wages. I have no Java expertise and I do not view my scope to include NXTcore. I would urge the dev committee to start actively recruiting. I know rickyjames is working with jean-luc about posting some ads, but active recruiting is something I dont have time for.

If anybody is interested in working long hours for NXT, they can always PM me. Several have, but most can only spare a few hours here and there so it is very hard to get up to speed quickly

James

--




I forgot to mention BcNext's citations when I was writing http://justpaste.it/decentralized-internet - but maybe it's better this way, I used more decentralized methodology, when I wasn't dependent on BCNext's words

Why is that a problem, I don't get the logic on this thread sometimes.  If user has to spend Nxt to send any asset, that is a good thing, it means people are using/buying Nxt.  James, please release Nodecoin when asset exchange launches.  I'm looking forward to what all AE coins have to offer.

where can i see the complete description about nodecoin?

this guy already asked me about developing nxt - https://bitcointalksearch.org/topic/m.5580139 - , I forwared him to jl777, so I hope so they will have some chat and maybe start covorking on something