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DGEX assists in launch of a new crypto FIMK singapore
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Author Topic: DGEX assists in launch of a new crypto FIMK  (Read 8797 times)

Graviton

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Re: DGEX assists in launch of a new crypto FIMK
« Reply #20 on: June 17, 2014, 02:04:21 pm »

How this situation is protected against sock puppets having 10% each?
Generally it's impossible to completely protect against sock puppets in the cryptoland.

I would have liked the % lower than 10% but this is what they have. DGEX has its own mechanisms of verifying the escrow.

Note that 10% stake of the stakeholder distribution entitles you to just 3% of total FIMK in circulation, which is a lot less than the large NXT stakeholders received from NXT genesis.
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gvans

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Re: DGEX assists in launch of a new crypto FIMK
« Reply #21 on: July 03, 2014, 01:15:05 am »

Nxt-guys must have this know-how, asked on FIMK-thread in BTT too and others seem to have same questions in mind:

1. May I forge simultaneously with FIMK and NXT wallet from same computer?
2. May I forge with two different FIMK accounts with two different computers from same ip-address? Doable?
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Tosch110

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Re: DGEX assists in launch of a new crypto FIMK
« Reply #22 on: July 03, 2014, 01:27:17 am »

Is FIMK thinking about launching via the NXT monetary system to have a stable network for the launch?

Jack Needles

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Re: DGEX assists in launch of a new crypto FIMK
« Reply #23 on: July 03, 2014, 01:45:05 am »

Nxt-guys must have this know-how, asked on FIMK-thread in BTT too and others seem to have same questions in mind:

1. May I forge simultaneously with FIMK and NXT wallet from same computer?
2. May I forge with two different FIMK accounts with two different computers from same ip-address? Doable?

Yes to #1 and #2.

Is FIMK thinking about launching via the NXT monetary system to have a stable network for the launch?

FIMK has launched own network last night.  IPO donations of 533 BTC with 416 stakeholders.  Biggest donators at 1.8%.
https://bitcointalk.org/index.php?topic=633304.0

Block rewards are nice and should promote a healthy network and good price.
http://forum.fimk.fi/index.php?topic=14.msg154#msg154

One to keep an eye on.  Trading on DGEX is supposed to start on July 3.

(Disclaimer: I own NXT, FIMK and DGEX shares, and wish for all to succeed)
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Graviton

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Re: DGEX assists in launch of a new crypto FIMK
« Reply #24 on: July 03, 2014, 09:34:47 am »

Is FIMK thinking about launching via the NXT monetary system to have a stable network for the launch?
What is the NXT monetary system please?

DGEX will issue FIMK tokens in the NXT AE and will act as the gateway for their redemption to / from NXT.

FIMK are an individual platform like the previous poster told and they have their own asset exchange & other NXT features that are separate from the NXT blockchain.
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abctc

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bitcoinpaul

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Re: DGEX assists in launch of a new crypto FIMK
« Reply #26 on: July 03, 2014, 09:43:44 am »

DGEX will issue FIMK tokens in the NXT AE and will act as the gateway for their redemption to / from NXT.

Interesting. I thought trading would take place on dgex.com

Nice!
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Graviton

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Re: DGEX assists in launch of a new crypto FIMK
« Reply #27 on: July 03, 2014, 09:49:58 am »

What is the NXT monetary system please?
- https://nxtforum.org/index.php?board=43.0
Nice to see that moving forward. It is not yet usable I believe. Progress has been very haphazard. Would anyone have any ETA of the NXT monetary system?
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Come-from-Beyond

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Re: DGEX assists in launch of a new crypto FIMK
« Reply #28 on: July 03, 2014, 09:54:46 am »

Block rewards are nice and should promote a healthy network and good price.
http://forum.fimk.fi/index.php?topic=14.msg154#msg154

Would be interesting to get feedback of FIMK creator on the following (https://nxtforum.org/initial-distribution/initial-distribution-of-100-pos-currencies/):

Quote
If every block subsidizes the forger with extra coins (in addition to the fees) then bigger accounts become even bigger by following the compound interest curve. In a currency with selfish forgers most of the coins would be absorbed by very few accounts that would lead to centralization of the currency.
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abctc

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Re: DGEX assists in launch of a new crypto FIMK
« Reply #29 on: July 03, 2014, 09:54:59 am »

..
Would anyone have any ETA of the NXT monetary system?

- here is some vague ETA:

..
Monetary system and voting system are next on the list. Although there is no official "list" :)
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Graviton

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Re: DGEX assists in launch of a new crypto FIMK
« Reply #30 on: July 03, 2014, 10:11:29 am »

Monetary system and voting system are next on the list. Although there is no official "list" :)
Oh right. I'll be back to the state prior to my question :)

In a currency with selfish forgers most of the coins would be absorbed by very few accounts that would lead to centralization of the currency.
Yeah. A significant variable there is "selfish forgers". I guess we're all probing what comes out from the unknown.
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bitcoinpaul

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Re: DGEX assists in launch of a new crypto FIMK
« Reply #31 on: July 03, 2014, 10:29:23 am »

DGEX will issue FIMK tokens in the NXT AE and will act as the gateway for their redemption to / from NXT.

Interesting. I thought trading would take place on dgex.com

Nice!

Ok, trading on dgex in 2 hours, additional trading on Nxt AE some days later.
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Vega

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Re: DGEX assists in launch of a new crypto FIMK
« Reply #32 on: July 03, 2014, 10:41:07 am »

In a currency with selfish forgers most of the coins would be absorbed by very few accounts that would lead to centralization of the currency.
Yeah. A significant variable there is "selfish forgers". I guess we're all probing what comes out from the unknown.
I think the market could (at least in part) counterbalance centralization.
Because of the reward system there is an extra element, buyers have greater incentive to buy. (and of course owners to hold)
1 million FIMK gets 52k+ forging reward minimum per months. That is a huge return.

Establishing a price should be interesting.
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Come-from-Beyond

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Re: DGEX assists in launch of a new crypto FIMK
« Reply #33 on: July 03, 2014, 10:44:16 am »

Establishing a price should be interesting.

I predict the same picture as with GHash who spent their income to buy more mining hardware.
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Vega

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Re: DGEX assists in launch of a new crypto FIMK
« Reply #34 on: July 03, 2014, 10:46:39 am »

Establishing a price should be interesting.

I predict the same picture as with GHash who spent their income to buy more mining hardware.

It's possible. I was planning to selling 10% of my stake in the first few days, but now after thinking over the consequences of the reward system I'm going to buy some more, before everyone gets the idea and price goes up.
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Jack Needles

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Re: DGEX assists in launch of a new crypto FIMK
« Reply #35 on: July 03, 2014, 10:47:05 am »

Monetary system and voting system are next on the list. Although there is no official "list" :)
Oh right. I'll be back to the state prior to my question :)

In a currency with selfish forgers most of the coins would be absorbed by very few accounts that would lead to centralization of the currency.
Yeah. A significant variable there is "selfish forgers". I guess we're all probing what comes out from the unknown.

What is meant by "selfish forgers"?  If it just means users who forge, then is a very good thing.  Encourages participation.  If it means a forger can choose a better block hash for personal gain, then could be a problem.
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Come-from-Beyond

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Re: DGEX assists in launch of a new crypto FIMK
« Reply #36 on: July 03, 2014, 10:49:41 am »

What is meant by "selfish forgers"?  If it just means users who forge, then is a very good thing.  Encourages participation.  If it means a forger can choose a better block hash for personal gain, then could be a problem.

Selfish forger only holds. He doesn't sell/spend nor pay bounties/rewards.
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Vega

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Re: DGEX assists in launch of a new crypto FIMK
« Reply #37 on: July 03, 2014, 10:58:24 am »

Garviton, could you tell as what you are planning to do with fees when it comes to FIMK?
Because of the forging rewards, an exchange holding millions, or tens of millions of FIMK would forge an incredible amount of FIMK. (I predict an above 100% yearly return from reward alone, in the first year)

This will cause people to leave much less FIMK on exchanges and for a much shorter amount of time (btw, faster deposit and withdrawal just become essential), but still, there will be a significant amount of coin on exchange, forging away.

Even with zero fees, FIMK could make nice profits for an exchange.
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Jack Needles

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Re: DGEX assists in launch of a new crypto FIMK
« Reply #38 on: July 03, 2014, 11:50:43 am »

What is meant by "selfish forgers"?  If it just means users who forge, then is a very good thing.  Encourages participation.  If it means a forger can choose a better block hash for personal gain, then could be a problem.

Selfish forger only holds. He doesn't sell/spend nor pay bounties/rewards.

Seems like most of crypto has this problem.  A selfish forger is still a forger, and network will be stronger for it.
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Come-from-Beyond

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Re: DGEX assists in launch of a new crypto FIMK
« Reply #39 on: July 03, 2014, 12:16:02 pm »

Seems like most of crypto has this problem.  A selfish forger is still a forger, and network will be stronger for it.

PoW cryptos don't have this problem coz mining power decoupled from account balance.
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