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Topic: Transparent mining, or What makes Nxt a 2nd generation currency - page 12. (Read 35830 times)

legendary
Activity: 2142
Merit: 1131
If you want to mine anything at this point you'll need to shell out at least 5-6 BTC for 1mil Nxt at current rates and then also wait for network to grow to get more fees. Just like when ASICs came to Bitcoin. It's a big risky bet but also big potential rewards.
As a plus ASIC you buy today will never rise in value while Nxt might go ballistic. Or it will crash to 0 & burn in flames.  Grin Once again: it's one big gamble.

It is very likely to go ballistic in my opinion.

Are there any specific memory requirements for the JVM if I wanna mine?
What ports I need to open on the firewalls?
+1
Where is the mining chapter in the howto Smiley?
I know, I know ppl who's too stupid to find these things out by disassembling the classes and reading the code don't deserve to mine this stuff  Cheesy.

You can set the memory parameters with command line on Java
port 7874
To mine, just put coin on the wallet and stay online.

EDIT :
- 7874 (tcp) is used for P2P communication, the http web client and API commands.  This is the only port that needs to be open to run Nxt.
- 7875 (tcp) is used for the https web client.
legendary
Activity: 1512
Merit: 1000
Are there any specific memory requirements for the JVM if I wanna mine?
What ports I need to open on the firewalls?

+1
Where is the mining chapter in the howto Smiley?

I know, I know ppl who's too stupid to find these things out by disassembling the classes and reading the code don't deserve to mine this stuff  Cheesy.


hero member
Activity: 492
Merit: 500
Hi All!

I'm reading.. reading.... and I'm lost: finally they allow NXT mining or not?
And if yes, then what do I need to start mining?
Account registered, exists some small amount in wallet... What next? How to enable mining / generating nxtcoins?

Thanks!


If you want to mine anything at this point you'll need to shell out at least 5-6 BTC for 1mil Nxt at current rates and then also wait for network to grow to get more fees. Just like when ASICs came to Bitcoin. It's a big risky bet but also big potential rewards.

As a plus ASIC you buy today will never rise in value while Nxt might go ballistic. Or it will crash to 0 & burn in flames.  Grin Once again: it's one big gamble.
legendary
Activity: 2142
Merit: 1009
Newbie
Hi All!

I'm reading.. reading.... and I'm lost: finally they allow NXT mining or not?
And if yes, then what do I need to start mining?
Account registered, exists some small amount in wallet... What next? How to enable mining / generating nxtcoins?

Thanks!

Just leave ur account unlocked.
member
Activity: 76
Merit: 10
Hi All!

I'm reading.. reading.... and I'm lost: finally they allow NXT mining or not?
And if yes, then what do I need to start mining?
Account registered, exists some small amount in wallet... What next? How to enable mining / generating nxtcoins?

Thanks!
legendary
Activity: 2142
Merit: 1009
Newbie
I think this is a great news for the nxt coin.

But am I getting things right ? For me this sounds like a "round-robin" coin generation. Everyone will get their time slice in which he's able to mine/generate coins. If his client is not open/connected to the network, network will search another node and give it the right to mine ?

Aye, something like that.
newbie
Activity: 38
Merit: 0
I think this is a great news for the nxt coin.

But am I getting things right ? For me this sounds like a "round-robin" coin generation. Everyone will get their time slice in which he's able to mine/generate coins. If his client is not open/connected to the network, network will search another node and give it the right to mine ?

legendary
Activity: 1470
Merit: 1004
Really like this idea, keep em coming!
legendary
Activity: 2142
Merit: 1009
Newbie
Also, can you define the term "stakeholder" as it pertains to just the topic in this post?  I kind of think what you really mean are just accounts with an inordinary high amount of NXT.  If not how can the system determine who the original stakeholders are?

Stakeholder = anyone who owns at least 1 smallest unit of NXT.


How long does the system penalize a stakeholder by giving them 0 forging power to those who arent generating blocks?

Details r yet to be tweaked after peer review.
legendary
Activity: 2142
Merit: 1009
Newbie
Seems fair to me , but what if I'm having problems with installing the client?  or don’t want install the client for security reasons? can  I still mine with the online version?

Yes, u can.
legendary
Activity: 2142
Merit: 1009
Newbie
BCNext pointed out that I forgot to mention Selfish Mining. Sorry. Transparent mining solves the selfish mining issue completely. Dixi.
legendary
Activity: 2142
Merit: 1009
Newbie
"Transparent" on a closed source system. Hilarious.

I was curious how long till u find this thread. Smiley Looking forward to see ur comments after the 3rd of January.
full member
Activity: 238
Merit: 100
Amazing.  This is very slick. Ive linked to your thread here on nextcoin.org and stickied it over there.  

Also, can you define the term "stakeholder" as it pertains to just the topic in this post?  I kind of think what you really mean are just accounts with an inordinary high amount of NXT.  If not how can the system determine who the original stakeholders are?

What if a non-stakeholder buys 10M NXT, and has more than some stakeholders who have been distributing coins?  Will they get penalized for not forging?

How long does the system penalize a stakeholder by giving them 0 forging power to those who arent generating blocks?
legendary
Activity: 980
Merit: 1000
"Transparent" on a closed source system. Hilarious.
full member
Activity: 238
Merit: 100
only 1/7 of stakeholders were forging?

I was about to make the following comment in the regular thread:

Quote
at the very least, the stakeholders that havent distributed at good portion of their stash yet should not forge.  At least then it would give a chance to the regular blow here to forge.

At least in the beginning here, until there is a better distribution.  I know the stability and security of the network does depend on many active forgers, but come on...

but I guess its a non-issue now
sr. member
Activity: 491
Merit: 250
S P 8 D E
Seems fair to me , but what if I'm having problems with installing the client?  or don’t want install the client for security reasons? can  I still mine with the online version?
legendary
Activity: 1118
Merit: 1002
This is great! You guys are doing an amazing job

Looking forward to the future of this coin
legendary
Activity: 1498
Merit: 1000
It the distribution problem can't handle properly, Nxt can't get mass adoption, which does hurt the stakeholders.

So be it.
Grin
legendary
Activity: 2142
Merit: 1009
Newbie
It the distribution problem can't handle properly, Nxt can't get mass adoption, which does hurt the stakeholders.

So be it.
legendary
Activity: 2142
Merit: 1009
Newbie

NB: The only penalty is inability to mine blocks within some period of time. They still can decide not to bother with mining, but their "hashing" power will be distributed to those who do protect the network.

Due to the redistribution of "hashing power", is there any chance for someone who holds less than 50% attack the network?

Say, 50% of the coins are "dead" (never mining), the max of which holds 27% of total coins. Now the other 50% coins are mining, and the max holding of which is 26% of the total coins, will this 26% ( more than 50% of the redistribution power) attack the network? Is the network monitoring the maximum "alive power"? Hmm, very interesting, the dynamic PoS mining power network!

Mm... I lost in ur numbers.
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