NXT :: descendant of Bitcoin - Updated Information - page 689.

jl777

legendary

Activity: 1176

Merit: 1134

Quote from: 2Kool4Skewl on February 25, 2014, 03:47:47 AM

Quote from: jl777 on February 25, 2014, 03:45:11 AM

Quote from: 2Kool4Skewl on February 25, 2014, 03:43:13 AM

Quote from: ChuckOne on February 25, 2014, 03:41:09 AM

Quote from: bitcoinpaul on February 25, 2014, 03:39:35 AM

We are searching for the right incentives for:

- running a node (this secures the network)
~~- running a node, have an open nxt account and forging with it (this secures the security of nxt = 51% attacks ?!)~~ DONE by TF.

FIFY.

Even with transparent forging, Nxt is still susceptible to 90% PoS attacks.

Financial attack
Somebody buys up all the NXT.
I raised this, but CfB said is was acceptable

Yes. It would be very hard to mount this attack, because you would have to own 90% of the currency.

$100 billion USD is not much at all to some organizations

redsn0w

legendary

Activity: 1778

Merit: 1043

#Free market

Quote from: bitcoinpaul on February 25, 2014, 03:55:50 AM

Quote from: redsn0w on February 25, 2014, 03:53:29 AM

You did not understand my idea, I do not mean to repay the costs of a node ... but only a part, for example 30% ..

Right now, this idea sounds really lame. You talk about donations and bounties.

Maybe I just don't get your idea Huh

Maybe I'm wrong to call them donations, but the sense is that ..

I do turn on my VPS ten nodes to help the communities ( nxt server ). it would be nice to get some nxt..

Maybe my idea is not that nice?

mcjavar

hero member

Activity: 784

Merit: 500

A very interesting article:

"According to Stibel, all networks — natural or digital — share very similar life cycles. They begin with what's called "hypergrowth.""

http://mashable.com/2013/08/16/facebook-breakpoint/#:eyJzIjoiZiIsImkiOiJfeGpxcHF4YnI5NzZtcnU2NiJ9

2Kool4Skewl

sr. member

Activity: 644

Merit: 250

Quote from: redsn0w on February 25, 2014, 03:53:29 AM

Quote from: 2Kool4Skewl on February 25, 2014, 03:50:17 AM

Quote from: redsn0w on February 25, 2014, 03:48:49 AM

Quote from: bitcoinpaul on February 25, 2014, 03:44:21 AM

Quote from: redsn0w on February 25, 2014, 03:42:32 AM

yes.. we're searching to a donations/bounties to run a node .. or to forge ( help the Nxt server ) .

I think this is a bad idea. Either the network/nxt itself can care of or this will fail.

I think isn't a bad idea .. more donations / bounties = more node .

Why this idea is a bad idea Huh

What happens when you run out of funds for donations / bounties?

You did not understand my idea, I do not mean to repay the costs of a node ... but only a part, for example 30% ..

You will still run out of money just at a slower rate.

abctc

legendary

Activity: 1806

Merit: 1038

Quote from: bitcoinpaul on February 25, 2014, 03:44:21 AM

Quote from: redsn0w on February 25, 2014, 03:42:32 AM

yes.. we're searching to a donations/bounties to run a node .. or to forge ( help the Nxt server ) .

I think this is a bad idea. Either the network/nxt itself can care of or this will fail.

- agree.

jl777

legendary

Activity: 1176

Merit: 1134

Quote from: wesleyh on February 25, 2014, 03:53:40 AM

@CFB / @Jean-Luc:

What is the minimum amount an asset should be sold for?

Is it 0.01 nxt?

Or can it be lower 0.00001 nxt for example?

Why / why not?

Lower than 0.01 is necessary for doge.

I was thinking about this, but really the only thing we cant do with .01 NXT increments is effectively sell a single DOGE. .01 NXT to .02 NXT is a doubling in price.

However, since getting a lot of precision in NXT is a lot of work, the answer is to just sell DOGE in lots of 1000 or more. That adds 3 decimal places in the precision possible. Originally I had thought it was a big problem, until I realized that people can actually control the precision possible by controlling the lotsize

James

2Kool4Skewl

sr. member

Activity: 644

Merit: 250

Quote from: jl777 on February 25, 2014, 03:55:15 AM

Quote from: ChuckOne on February 25, 2014, 03:47:11 AM

Quote from: jl777 on February 25, 2014, 03:45:11 AM

Quote from: 2Kool4Skewl on February 25, 2014, 03:43:13 AM

Quote from: ChuckOne on February 25, 2014, 03:41:09 AM

Quote from: bitcoinpaul on February 25, 2014, 03:39:35 AM

We are searching for the right incentives for:

- running a node (this secures the network)
~~- running a node, have an open nxt account and forging with it (this secures the security of nxt = 51% attacks ?!)~~ DONE by TF.

FIFY.

Even with transparent forging, Nxt is still susceptible to 90% PoS attacks.

Financial attack
Somebody buys up all the NXT.
I raised this, but CfB said is was acceptable

"Somebody buys up all the NXT." <<< How?

Imagine simultaneous bids for NXT in the range of $100 USD, equivalent amount of EUR, JPY, etc.
with all fiats coordinating, most NXT owners would probably sell.

That would take $90,000,000,000. I doubt that occurs.

bitcoinpaul

hero member

Activity: 910

Merit: 1000

Quote from: jl777 on February 25, 2014, 03:55:15 AM

Imagine simultaneous bids for NXT in the range of $100 USD, equivalent amount of EUR, JPY, etc.
with all fiats coordinating, most NXT owners would probably sell.

The argument of CfB was something like "then every NXTer is rich and we can build Nxt2". Sounds reasonable.

bitcoinpaul

hero member

Activity: 910

Merit: 1000

Quote from: redsn0w on February 25, 2014, 03:53:29 AM

You did not understand my idea, I do not mean to repay the costs of a node ... but only a part, for example 30% ..

Right now, this idea sounds really lame. You talk about donations and bounties.

Maybe I just don't get your idea Huh

jl777

legendary

Activity: 1176

Merit: 1134

Quote from: ChuckOne on February 25, 2014, 03:47:11 AM

Quote from: jl777 on February 25, 2014, 03:45:11 AM

Quote from: 2Kool4Skewl on February 25, 2014, 03:43:13 AM

Quote from: ChuckOne on February 25, 2014, 03:41:09 AM

Quote from: bitcoinpaul on February 25, 2014, 03:39:35 AM

We are searching for the right incentives for:

- running a node (this secures the network)
~~- running a node, have an open nxt account and forging with it (this secures the security of nxt = 51% attacks ?!)~~ DONE by TF.

FIFY.

Even with transparent forging, Nxt is still susceptible to 90% PoS attacks.

Financial attack
Somebody buys up all the NXT.
I raised this, but CfB said is was acceptable

"Somebody buys up all the NXT." <<< How?

Imagine simultaneous bids for NXT in the range of $100 USD, equivalent amount of EUR, JPY, etc.
with all fiats coordinating, most NXT owners would probably sell.

wesleyh

sr. member

Activity: 308

Merit: 250

@CFB / @Jean-Luc:

What is the minimum amount an asset should be sold for?

Is it 0.01 nxt?

Or can it be lower 0.00001 nxt for example?

Why / why not?

Lower than 0.01 is necessary for doge.

redsn0w

legendary

Activity: 1778

Merit: 1043

#Free market

Quote from: 2Kool4Skewl on February 25, 2014, 03:50:17 AM

Quote from: redsn0w on February 25, 2014, 03:48:49 AM

Quote from: bitcoinpaul on February 25, 2014, 03:44:21 AM

Quote from: redsn0w on February 25, 2014, 03:42:32 AM

yes.. we're searching to a donations/bounties to run a node .. or to forge ( help the Nxt server ) .

I think this is a bad idea. Either the network/nxt itself can care of or this will fail.

I think isn't a bad idea .. more donations / bounties = more node .

Why this idea is a bad idea Huh

What happens when you run out of funds for donations / bounties?

You did not understand my idea, I do not mean to repay the costs of a node ... but only a part, for example 30% ..

jl777

legendary

Activity: 1176

Merit: 1134

Quote from: ChuckOne on February 25, 2014, 03:35:33 AM

Quote from: jl777 on February 25, 2014, 03:33:53 AM

Quote from: 2Kool4Skewl on February 25, 2014, 02:54:42 AM

If you have your node running, but don't have any NXT, you are not securing the blockchain.

This is why the NXTcoins will payout dividends in NXT. for a signing bonus, I will probably just seed every miner with 1 NXT

James, please do not build upon false statements.

? What false statements. What do you think I am saying?

2Kool4Skewl

sr. member

Activity: 644

Merit: 250

Quote from: bitcoinpaul on February 25, 2014, 03:50:03 AM

Quote from: bitcoinpaul on February 25, 2014, 03:47:23 AM

Quote from: 2Kool4Skewl on February 25, 2014, 03:44:36 AM

Quote from: bitcoinpaul on February 25, 2014, 03:43:06 AM

Is penalizing not a part of TF?

No, penalizing isn't part of TF.

I thought we utilize TF with its full potential only if we have penalties in place.

I don't think so, but you'd have to ask Come-from-Beyond.

2Kool4Skewl

sr. member

Activity: 644

Merit: 250

Quote from: redsn0w on February 25, 2014, 03:48:49 AM

Quote from: bitcoinpaul on February 25, 2014, 03:44:21 AM

Quote from: redsn0w on February 25, 2014, 03:42:32 AM

yes.. we're searching to a donations/bounties to run a node .. or to forge ( help the Nxt server ) .

I think this is a bad idea. Either the network/nxt itself can care of or this will fail.

I think isn't a bad idea .. more donations / bounties = more node .

Why this idea is a bad idea Huh

What happens when you run out of funds for donations / bounties?

bitcoinpaul

hero member

Activity: 910

Merit: 1000

Quote from: bitcoinpaul on February 25, 2014, 03:47:23 AM

Quote from: 2Kool4Skewl on February 25, 2014, 03:44:36 AM

Quote from: bitcoinpaul on February 25, 2014, 03:43:06 AM

Is penalizing not a part of TF?

No, penalizing isn't part of TF.

I thought we utilize TF with its full potential only if we have penalties in place.

ChuckOne

sr. member

Activity: 364

Merit: 250

☕ NXT-4BTE-8Y4K-CDS2-6TB82

Quote from: mcjavar on February 25, 2014, 03:47:59 AM

Quote from: jl777 on February 25, 2014, 03:45:11 AM

Quote from: 2Kool4Skewl on February 25, 2014, 03:43:13 AM

Quote from: ChuckOne on February 25, 2014, 03:41:09 AM

Quote from: bitcoinpaul on February 25, 2014, 03:39:35 AM

We are searching for the right incentives for:

- running a node (this secures the network)
~~- running a node, have an open nxt account and forging with it (this secures the security of nxt = 51% attacks ?!)~~ DONE by TF.

FIFY.

Even with transparent forging, Nxt is still susceptible to 90% PoS attacks.

Financial attack
Somebody buys up all the NXT.
I raised this, but CfB said is was acceptable

Or someone steals (yes, I am looking at you MtGox) 90+% which can happen if we have 10-12 pools with most of the coins in them.

Therefore no pools and no forging power leasing IMHO.

2Kool4Skewl

sr. member

Activity: 644

Merit: 250

Quote from: mcjavar on February 25, 2014, 03:47:59 AM

Quote from: jl777 on February 25, 2014, 03:45:11 AM

Quote from: 2Kool4Skewl on February 25, 2014, 03:43:13 AM

Quote from: ChuckOne on February 25, 2014, 03:41:09 AM

Quote from: bitcoinpaul on February 25, 2014, 03:39:35 AM

We are searching for the right incentives for:

- running a node (this secures the network)
~~- running a node, have an open nxt account and forging with it (this secures the security of nxt = 51% attacks ?!)~~ DONE by TF.

FIFY.

Even with transparent forging, Nxt is still susceptible to 90% PoS attacks.

Financial attack
Somebody buys up all the NXT.
I raised this, but CfB said is was acceptable

Or someone steals (yes, I am looking at you MtGox) 90+% which can happen if we have 10-12 pools with most of the coins in them.

This cannot happen if the pools just have forging rights, but don't hold the NXT in their account.

bitcoinpaul

hero member

Activity: 910

Merit: 1000

Quote from: mcjavar on February 25, 2014, 03:47:59 AM

Or someone steals (yes, I am looking at you MtGox) 90+% which can happen if we have 10-12 pools with most of the coins in them.

Wrong. Lease forging power to pools means not give NXT away.

redsn0w

legendary

Activity: 1778

Merit: 1043

#Free market

Quote from: bitcoinpaul on February 25, 2014, 03:44:21 AM

Quote from: redsn0w on February 25, 2014, 03:42:32 AM

yes.. we're searching to a donations/bounties to run a node .. or to forge ( help the Nxt server ) .

I think this is a bad idea. Either the network/nxt itself can care of or this will fail.

I think this isn't a bad idea .. more donations / bounties = more node .

Why this idea is a bad idea Huh

Topic: NXT :: descendant of Bitcoin - Updated Information - page 689. (Read 2761645 times)