Topic: NXT innovation -gets a special mention at the end of my Crypto educational Blog (Read 9114 times)

Please, could you provide 1 single case where a Nxt user lost his wallet with an "extremely strong password"? (That he didn't store in plaintext in his unprotected dropbox like kLee for example)

Your quote has to contain the password. Quotes like "I think my password was really strong" don't count.

It did happened a lot. people started losing their valets alto they had extreme strong passwords.

This is your definitive guide on scams and a break down of the different types with special mention about NXT.

LoL...well, to a miner I suppose it might constitute "serious thought"  

So lots of posturing later and we haven't move beyond

"Nxt distribution was 'bad' and I don't care what has happened in the last 8 months"

Listen to yourselves, acknowledge at least to yourselves Nxt has created features and services that the world has never seen before. And you think this adds no value? You think people can't check it isn't fabricated? You think it is all just a couple of guys trading the price around?   again, where is this in the blockchain?

Thanks for explaining to us all clearly how it's precisely a Ponzi scheme ROFL
Your statement here shouts loudly to anyone reading with half a brain why they should stay away.. congrats on doing the work for the critics  
Your hilarious and not too bright lol

edit:
@digitalindustry
Well said earlier.. you have given fair and serious thought to this stuff i see and agree 100% with your assertions.. not sure how anyone couldn't actually.

Jeez, for an "educator" you really do write one load of guff.

I don't know if you even understand it yourself or just make it up as you go along, but if there was ever any real debate here, you lost it a long time ago.

unless that link sucks me into a dimension fork and i reappear on the other side as the same person but in a reality where this;
 

http://87.230.14.1/nxt/nxt.cgi?action=1000&blk=2680262203532249785
   
BLOCK    :   2680262203532249785
Timestamp   :   24.11.2013 13:00:00
Height   :   0
Next Block   :   6556228577102711328
Previous Block   :   0
Pay Load Length   :   9344 B
Num. Transactions   :   73
Total Fee   :   0
Base Target   :   100.00 %
Total Amount   :   1,000,000,000 NXT
Generator Account   :   1739068987193023818
Generator RS    :   NXT-MRCC-2YLS-8M54-3CMAJ
Version   :   -1
Perma Link   :   Show
Block SIgnature : 69d426c498b70ac6d1678180356527c1fee030ad732fbf7672c2266d166a4c08cf8fdeb4524fd1b 496bbcaab03fa6e67760f6da452251402249015486c487211
Generation Signature : 0000000000000000000000000000000000000000000000000000000000000000000000000000000 0000000000000000000000000000000000000000000000000
Previous Block Hash : n/a
Payload Hash : 72c8a92efffbd8695a866eabb13ca460a2f7cdf3283b82efb163360d6eec9469

didn't happen.

is there a fucking point?

i mean come on, just stop... for your own sake?  you don't get it , information hurts you.

http://cryptoanalytics.trade/NXT/

Ah - your fundamental misunderstanding of decentralized economics.

the traditional models don't apply, and not just in a "oh it only matters a little bit"  way..

in a "write it off its dead, and will never be viable" type way.

i will be happy to explain it to you, but back to our point of "the guy mines it all himself and then bids it up himself to then peddle it off to the "market""

If the traditional model is correct, (and you are correct) then there is no problem NXT will be a huge success right?

and everything i say won't matter so this whole conversation is redundant because it doesn't matter if the "market" knows "one guy mined it all made an exchange bid it up and is now peddling it off at "market" value" 

if you are correct that all doesn't matter.


if i'm correct ( and your model is wrong) the NXT tide will go out (as i said) and take some poor suckers with it.


I will leave that there and let you see if you can figure out what is missing from the equation .

Here's an example from your blog:

In the section named "Summary of Po$ or Proof of Scam", this quote: "in this the Po$ system generally relies on the “good will” and “good nature” of the human trusted distributors".

The question is, FOR WHAT ? For what does the PO$ system rely on the "good will" and :good nature" of the human trusted distributors ?

For making sure that the currency is properly distributed ? Is that all you mean ?

I like you , i wrote a long response - but i wont post it at this time, i'd rather explain it to a large audience.

however i can break down your argument simply;

- you don't understand what "money" is.
- the trust element in a fiat system relates to the people that are working in a productive capacity, you ironically refer to Greece, how are the people doing there at the moment? ha ha. (back to you)
- since posting here I refined the explanation on the blog to more clearly explain Po$ Proof of Scam, to try to save some of this confusion.  http://kolinevans.wordpress.com/2014/07/02/on-po-proof-of-scam-defining-the-rational-crypto-currency-exclusive-socioeconomic-dynamic/ - word press said it was getting quite a bit of attention i'm not sure what that means?
- i think i have repeated my self a bit and so will further review.
- (Po$) is not (PoS) you have referred to PoS many times i can't see the relevance?
- (Po$) is not a fiat system as the document clearly states so i can't see your relevance here (Po$) clearly borrows the "trust" element that is related to distribution in the same and similar  manner that fiat systems institute a "human trust" element for the control of ALL the aspects of issuance and supply.*

* but thank you for helping me clarify that.


great comment and nails it! - so in essence the one guy that mined the "whole damn currency supply" shifted the "One cpu one vote" "Trustless" random distribution system to a "trust us" or in this case if it really was one guy, "trust me" I will distribute this to the market by selling it at a "fair market value" - but then made his own exchange and  again said  "Trust me" "i own it all but this volume is "normal market volume" that is bidding up this  "fair market value".

: D

don't get me wrong, Po$ is still ahead of a system that has literally no block-chain like "Ripple." - why? well because when the tide goes out on NXT (i.e see my other comments) and it goes to less than a fraction of a cent ( your stated Base money value) as education moves into the market, then it will slosh around as a "dead scamcoin" ( not my words) and IF PoS proof of stake isn't completely flawed. it might have market value far in the future.

its just not a very good model - don't take it personally.


absolutely not - you are completely wrong but i will explain at a later date., because this relates to Crypto decentralized economic complexities.

- oh btw way i did advocate a model like that (the 50 million ASIC)  for a "government distributed crypto, that broadly adhered to "neutral control.  - its a rushed and messy document but here it is :

http://forum.qrk.cc/thread/1512/understanding-neutral-control-principal-government

This is what I try to tell people!  New crypto's are launching and the dev's are bailing out as soon as they can sell for a profit.  I haven't seen another crypto community as organized and hard-working as the NXT community. 

I don't think you really understand what your talking about here. In particular, you've used a kind of warped logic to draw your readers to a slightly ludicrous comparison that likens POS to Fiat.

First of all, the "trust us" aspect of the fiat money system comes from centralised brokering of liquidity for debt through a counterparty infrastructure. This is nothing like crypto - whether POW or POS. You've confused the method of distribution with the method or creation.

For example, when the EU, the ECB and the IMF made huge loans to Greece through the European Financial Stability Facility, they created a large amount of fiat money which was levered up off a 20% capital base. Greece underwrote the 'value' of that new liquidity by signing a debtor agreement following which the money finds its way into the general economy. At that point, the fiat banking system are in a position of centralised trust from the holders of fiat currency, since if the debtors (Greece) default, the banks can no longer underwrite the currency's value even though they are the issuers.

Crypto, on the other hand is BASE MONEY. It is a valueless token of exchange, whether POW, POS or PO.....name your preferred algo. Instead of a debtor underwriting its value pre-emptively, the market does it through adoption. POW isn't the least bit different from POS in this respect - just because it's mined doesn't give it any value and in both cases there is no debt on the other side of the banking books and therefore no counterparty to broker that debt.

So your comparison is wild.

The only difference between POW and POS (in the case of NXT) is that one guy mined the whole damn currency supply and then used the market to distribute it instead of CPU cycles to distribute it. There are pro's and cons of this approach, but once it's "out there" it isn't much different from POW generated coins in its nature. With both approaches you end up with large holders because the number of people mining or trading crypto currencies is tiny. 73, 730 or 7300 makes no material difference to the ultimate outcome of distribution.

The real hypocrisy of this criticism of POS is that in the global scheme of things, POW is justifiably subject to all the same accusations. It's mined by a tiny group of people in the context of the global population and then dumped on markets and sold at multiples of its mining cost to unassuming speculators. Perhaps if you gave 50 MILLION people an ASIC and made sure they mined 1 second from launch, you might be on sounder ethical ground for your little crusade.

In my experience, Emily suffers no fool!

I love his blog....

"Be the first to like this......please"

And the Twitter power......apart from BTT, theres really not much point in engaging Di elsewhere, cos no-ones looking.
Oh yeah, we've got a date with a CoinDesk editor tomorrow....lets mention Di, see if we can get him some publicity. 

DI has abandoned us and maybe even seems to be trying to distance his comments from Nxt  

Still have no evidence beyond persistent assertion but you can keep up here if you are interested: https://bitcointalksearch.org/topic/m.7655083


DI also tweeted Nxt for feedback on his groundbreaking analysis  I don't think Nxt responded  (Come from beyond did) but you can see the reception here  :

https://twitter.com/Kolin_Quark/status/484463092533702656


I am posting this link in the hopes that the low impact of 4 retweets will improve and DI can get the attention he deserves 

+10 to Daedelus

Just need to point out here (in full-on 'NXT is fracking brilliant' mode   ) what an amazing achievement NXT pulled off with its start-up process.
We managed to bootstrap the entire system using a 21 BTC initial warchest and a shitload of hard work, taking it from zero to $62 million market cap inside 8 months, with no extra external financing, just organic growth.  

Compare this to recent crypto IPO's that have taken in huge amounts of BTC and produced very little to show for it......

Get on the NXT train, there's still some seats left:
www.nxtforum.org

Let me help you out.

You are assuming Nxt had value when it was released and that people cared about it. Both are false. Would you care if I realeased DunceCoin and gave it to you and 72 others? No. If you did some research in the original thread (I posted it), you would see that everyone uderstood that as long as Nxt was distributed to so few, it would never be successful or valuable.

So cue an slew of development bounties and giveaways to spread Nxt around, becasue it was in their own economic interest to do so.  Couple this with the promised features that were delivered (Alias System, Arbitrary Transactions, Asset Exchange), soon to be delivered promised features (Digital Good Store, Transparent Forging, Automated Transactions) and additional bonus features like Multigateway, Physical Goods Store and Multipool and Nxt becomes the most advanced cryptographic platform ever devised. And there is still Voting System, Monetary System, Judgement System and more planned for later in the year. As people became aware of what Nxt was doing and delivering, it attracted more and more people and reach a point were people were willing to pay for Nxt for a slice of a very compelling future that, every day, is becoming the present.

The so called 'bad distribution' quickly gave Nxt the biggest development warchest seen by any start up crypto and the economic incentive to give it away that enabled the best developers to come on board (and still continuing today) that have made all this possible IN ONLY 8 MONTHS.


But carry on informing us all with your educational thread  

Everyone else, there is more info on all these topics at nxtforum.org or just ask and I can point out any bits you are interested in