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schnidl

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Beginner Thread
« on: May 13, 2014, 03:34:17 pm »

Hi everybody!

I think i dont understand some important basics:

1.) Am i right when i think, that the asset exchange is like a shop? i can buy (digital) things?
2.) In the video it says "you can create tokens and sell images, music, books, ..." How do i receive these things if i buy them threw the AE?
3.) What is the difference to the digital goods store? Isn't it the same? You can buy digital things.

Thank you
schnidl
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bitcoinpaul

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Re: Beginner Thread
« Reply #1 on: May 13, 2014, 03:39:52 pm »

Yeah, the video is slightly confusing on that part.

Asset Exchange is like an exchange, but decentralized. Buying digital things will be done on the Digital Goods Store, physical things probably on Free Market (or Digital Goods Store).
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schnidl

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Re: Beginner Thread
« Reply #2 on: May 13, 2014, 03:51:37 pm »

Yeah, the video is slightly confusing on that part.

Asset Exchange is like an exchange, but decentralized.

For example like bter.com? But where are my other currencies stored?
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bitcoinpaul

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Re: Beginner Thread
« Reply #3 on: May 13, 2014, 03:53:34 pm »

You buy and store assets and have to trust the initial issuer/gateway of these assets to get the real stuff for these assets, if you want.
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schnidl

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Re: Beginner Thread
« Reply #4 on: May 13, 2014, 04:02:35 pm »

So for example, if i buy the asset "10 USD", how will i get my real 10 USD?
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Tosch110

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Re: Beginner Thread
« Reply #5 on: May 13, 2014, 04:05:15 pm »

bitcoinpaul

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Re: Beginner Thread
« Reply #6 on: May 13, 2014, 04:08:15 pm »

If it is a real gateway (and no scammer) which issued these USD assets, it will have it's own procedure for you getting real USD (like sending the assets back to the gateway with a message attached with your bank account details for example).

But right now, there is no USD (EUR, CNY, dogecoin, bitcoin) gateway on the AE.
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farl4bit

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Re: Beginner Thread
« Reply #7 on: May 13, 2014, 06:18:39 pm »

So for example, if i buy the asset "10 USD", how will i get my real 10 USD?
Example: When you trade shares of a company in some online exchange, in your online account it states that you have X shares of that company. This is how the Nxt Asset Exchange works too, your assets (whatever kind they are) are stored in the Nxt network.
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Damelon

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Re: Beginner Thread
« Reply #8 on: May 13, 2014, 06:30:07 pm »

The word "exchange" should be taken on its most basic level: "something where you can exchange things (in this case tokens), NOT to be confused with "Exchange" in the sense of a crypto exchange like bter, cryptsy et al.

On this exchange you can, for a fee, create tokens which you give a label and then exchange these on the system. That is all.

The exchange does not facilitate direct exchange of goods or code, just tokens represent these.

This is why thinking of it like an "Exchange" is a much too limited view of it.

This is also why a Reputation System was always planned, to be able to distinguish trustworthy traders for untrustworthy.
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schnidl

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Re: Beginner Thread
« Reply #9 on: May 14, 2014, 02:29:41 pm »

Thank you all for your detailed information, now i understand it!
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eimon

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Re: Beginner Thread
« Reply #10 on: May 14, 2014, 02:52:43 pm »


This is also why a Reputation System was always planned, to be able to distinguish trustworthy traders for untrustworthy.

I've been wondering if a reputation system was in the works for NXT. It seems like it would add a lot to the AE and the goods store. Is a rep system on the way? If so, look out eBay  ;D
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bitcoinpaul

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Re: Beginner Thread
« Reply #11 on: May 14, 2014, 03:23:21 pm »

yes, afaik.
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