Hey guys, how much NXT do I actually need to forge some blocks?
I currently have 10, yes ten, no not 10K, and it says that I can generate a block in 22429 days... Is this for real?
Thanks!
Even with 100k nxt you will not make any money forging so get that mentality out of your head from the start and welcome to the beginning of the rest of your life.
I've been trying to learn more about forging (transparent forging) and you raise the exact issue I am looking to resolve as a recent investor. You make it sound like 100,000 NXT is not enough to forge.
I am a miner at heart and like the idea of forging but the more I read about NXT, it seems that only the original stakeholders (or those with a huge number of NXT) are the ones who can successfully forge (gain/accumulate NXT)? How many NXT are needed to forge and what returns could one expect from say 500,000 NXT? Does the chance to forge change over time, i.e. what variables other than my account holdings and online status as a node affect forging success?
This issue has been difficult to get my head around as a recent adopter. I have not forged any NXT since opening my account (20,000 NXT) a few weeks ago and it sounds like from your response that this number is a laughing matter...I will never forge with that amount. Could some one provide some insight or a link to where forging and returns are discussed?
with 100k you'll forge a block every couple of days - but NXT is not about forging
Thanks. I read the link and wonder if you could elaborate on your point that NXT is not about forging?
just as a clarification: when I used the word forging above I used it as a synonym for mining.
mining is basically used to secure the network - this is important. for bitcoin and the like it is essential and the incentives (= block rewards) designed to make people mine (we will see what happens when all coins are mined...)
now what's the fun in mining: you have hardware and software that you can tweak, monitor, run statistics, and you get happy when you mine a block or your pool mines a block. along the way the rewards diminish and you basically waste a lot of resources (power from the plug, stupid asics that turn worthless every couple of weeks, a lot of your time, ...). therefore you try to be the first to run the next generation of mining hardware which gets you over-average returns. this gives you another kick, because you're never sure if the gpu overheats, asic gets delivered on time, other manufacturers already did better, etc.
maybe you like mining for other reasons, but to me mining is because of the said things pretty
stupid yesterday.
NXT uses forging to secure the network - important and needed, but what makes NXT stand out is not (at least imo) the fact, that the miners get a bit richer, it's the possibilities of the ecosystem. I'm sure that within a couple of months there will exist a coin on top of NXT that makes the miners more happy, this as a side note...
but what is really important: not that you receive more than you have when holding on to it or investing in new hardware. the goal is to have a working crypto ecosystem that let's you buy things securely and anonymously, that let's you exchange assets securely and easily, that let's you communicate with other without being monitored, that can be used as a base for other undertakings... and where the groundwork is not based on terawatts and terahashes - I'm not good with marketing stuff and this has been summarized better by others - but I hope you get my point.
At the current stage I believe that buying NXT will give you a lot in return, because it is still cheap and for the fun factor you miss from classical mining, you can visit this thread and watch the development of this little plant (or baby to borrow Anons word) to become a giant tree
Thanks for taking the time to elaborate...enlightening indeed!
Cheers
