Topic: NXT :: descendant of Bitcoin - Updated Information - page 589. (Read 2761626 times)

The list is difficult to read since there are so many entries, but you're there.

Great job, great vid.

NXT FUNDING COMMITTEE VOTE IS NOW UNDERWAY UNTIL 12:01 AM MARCH 8 (UTC)

Per our previous poll, all three committees (NXTmarketingfund, NXTtechdevfund and NXTinfrastructure fund) will consist of five elected members.

Read candidate statements here:

https://bitcointalksearch.org/topic/m.5280476

Background:

https://bitcointalksearch.org/topic/m.5280786

DETAILS ON VOTING :

EVERY NXTer WITH AN ACCOUNT STARTED BEFORE FEB 21 GETS TO VOTE ON ALL THREE COMMITTEE BALLOTS.

If you want to vote, send me a PM with just the word VOTE in the title.  I will respond with your password and the voting site URL.  I will know who voted but I will not know who you voted for.

LIVE ONGOING VOTE RESULTS:

https://www.electionbuddy.com/elections/12343/results/t34ayqhm2

Update:  At 28 hours into the vote I have distributed 98 ballot access codes so far to nominees, candidates, and PM requestors.  I have vetted all PM requesters and have found all to be legitimate eligible NXTers with two exceptions: NXT-LILY and GT-R.  These two NXTers have created their accounts since the election was announced and so I will not be sending them ballot codes.  (See, I am checking.  Sorry, you two).   I have no pending PM requests for ballot access codes at this time.  I have received no unique requests to vote from nextcoin.org or nxtcrypto.org, only one that was also posted here on bitcointalk as well.  

At this time 58 of the 98 ballot access codes I have distributed have been used to vote.  

My intention is to continue distributing ballot access codes during the voting period to users of this thread based on newcn's most recent list of most active posters (see https://bitcointalksearch.org/topic/m.5456233 ) .  Most active posters will get ballot access codes first.  I have a limit of 500 ballots, we will see how many of those I get distributed over the week to come.

I like the 2nd suggestion: a type-tag.

While not terribly important, I would like to see the type-tag be 1) human readable 7-bit ASCII, and 2) allowed to be of variable length.  

Edit: and if an AM does not conform to the above, that's ok.  AM might be used for encrypted payloads where you might not want all others to know what exactly it is for.

Not sure if someone posted this yet, but we need this type of exposure. Begin watching at 12 minute mark http://www.youtube.com/watch?v=hdAnyC45ZbU

did you use apt-get to install java?  give us output from "uname -a" and "which java" and "java -version"

Suggested NIP (Nxt Improvement Proposal)

Adding "meta information" to Arbitrary Messages.

As AMs are going to become a key communication tool for various other parts of the Nxt system (including NIPs themselves) I suggest that we decide on one of the two ways of providing minimal "meta" information for AMs.

This could be done in the following 2 ways:

1) Encode them as URIs (making it simple for web apps to handle different kinds of things).

or

2) Use the first x bits of the AM to indicate the type.

The advantage of 1 is the simplicity for web apps (i.e. no coding necessary) and the advantage of 2 is size (we only have 1000 bytes for an AM currently).

Which way we go is up to the community - but whichever way I would like to see then an NIP AM (which might just contain the hash of an NIP document - the document itself could be posted on forums or wherever else).

By having such information your "inbox" could automatically place messages in different folders and could also perhaps sound an "alert" according to the AM type received (e.g. we might expect to also have an "alert" AM a bit like Bitcoin alerts).

Emails going out in the next 48 hours to 80+ contacts that will be at the Texas Bitcoin Conference. Whatever bites we received, we'll kick it right back to marketing.  We've created a spreadsheet and sent the link to Asian Prepper and RickyJames. I'd really like to see us make contact with some of the investment groups that will be at the conference.

Woo! Can't wait

Hopefully Cryptsy problems are less than when I used to use them. Can't wait for an English speaking main exchange though(other than DGEX)

So I've been having trouble setting up a node under Debian.

This is the error I get after 0.8.3 starts:

./run.sh: line 1:  3004 Killed                  java -Xmx1024M -cp nxt.jar:lib/*:conf nxt.Nxt

Help is appreciated.

You are suggesting fractional reserve.
To that, I just say no

James

Yes, it is easy to modify my code if using big integer

I would recommend that we go with 8 decimal places (same as Bitcoin and most clones) as it will make it far easier for people to "port" their code to work with NXT (i.e. API returned "balance" should be 100000000 for 1 NXT).

Anyone using "blockchain.info" (which CIYAM Open does) will be "dividing the balance" by 100000000 to display the value as people expect to see it so if we go with the same number then it will require only changing the website request (rather than both the request and their code).

I  agree with you on needing to keep the cost low and using volume to drive the value of NXT. I can't help but wonder about the server costs and the risk of holding the other currencies. This may sound kinda sharkish but would it be possible to use the holding account to provide for the cost of the server? If there were enough banked in the holding account to cover withdraws and to make loans and charge interest?

For example, if there are 1000 people with money in the holding account it would be very unlikely that they would all want to withdraw at the same time. Knowing this you could safely lend a portion of the holding account out at interest to cover the cost of the server expense, and maybe bank some of the interest for insurance on the holding account. I don't mean to make a profit, as I understand your reasoning in wanting to provide the service for the worlds benefit, but economics is economics.

There is going to be a cost for providing this service. And it may be possible to generate the funds to pay for the service like this. Or if you made sure to include some proof of stake coins in the gateway inclusions and had enough of them banked to get fees for them (if that is possible).

 Maybe that is crazy.  

I think the AE is awesome and what you are doing with it is awesome. Game changing.

newcn, thank you so much for this list.  I think this is effectively a voter registration list for the current ongoing funding committee votes.  My intention is to get a ballot code to most of the people on this list.  If they cared enough to follow this thread and make multiple posts, they deserve a ballot.

Freedom isn't free. Forging makes it pretty cheap.

It sounds like this bitgem is just a GUI that creates a unified wallet. I dont see any reason why this cant be done, except I personally dont do GUI, so we need to find a GUI dev to do this. All the AE is doing is NXT API calls to transfer assets, so the GUI just does the same and if it goes back to the gateway, it gets passed on through to the actual wallet.

There will be the bitcoin TXFEE to sweep the deposit into the multisig (also the TXFEE to initially send the deposit)
There is one or two NXT transaction fees to transfer the asset in. I am currently not charging that, but probably will have to pass on the costs. That is why I am advocating .01 NXT transaction fee.

On withdrawal, there is a single TXFEE for the multisig, but this is automatically deducted from the withdrawal amount. You will also incur a NXT transaction fee to send back to gateway.

Here is a cost summary:
wallet -> gateway TXFEE
gateway -> multisig TXFEE, 1 or 2 NXT transaction fees (charged at what rate?)
AE -> gateway, 1 NXT transaction fee
multisig -> wallet TXFEE

So if you start with 1.0000 sent to gateway from wallet, you will get charged 1.0001
.9999 goes into multisig
.9998 would come back to wallet
Thats .03%, but of course higher percentage for smaller deposits, plus the 2 or 3 NXT transaction fees.
At current exchange rates, another .024% for NXT fees, ignorable when we go to .01 NXT

The gateways transaction costs would be roughly .05% on 1.0000 roundtrip deposit withdraw, these will have to be passed through. There will also need to be some fees to cover the cost for running the gateway, but this will get smaller as the usage goes up. We might even get some big donor to subsidize the server costs for the gateways (hint, hint) as the lower the cost for using the gateway, the more assets flow into NXT AE, the more NXT will be worth

My job is to make the fees as small as possible to maximize volumes. I dont think the gateway is the right place to monetize. After all, if you see a big toll booth for both ways, are you more or less likely to go in?

Once we get NXT transaction fee to .01 NXT, then the trading commission for 1000 NXT valued items would be .001%, which is a bit lower than on most centralized exchanges. Assuming we have easy to use trading GUIs, I dont see why a significant percentage of crypto trading wont happen inside NXT AE. I predict we will see bots making trades every block, which adds up to 10 NXT in commissions for an entire day of trading. More volumes means tighter spreads which means better prices for everyone.

In order to create a NXT economy, we need to get money into AE. Once there is a billion dollars worth of trading per day within the AE, it really wont be hard to monetize. We are in very early days now. Building market share is most important.

James

you may find some useful links here www.nxt123.info

wonderful,be sure.