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If you do not forge, Nxt dies... singapore
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Author Topic: If you do not forge, Nxt dies...  (Read 13037 times)

danp123

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Re: If you do not forge, Nxt dies...
« Reply #40 on: July 06, 2017, 10:23:52 pm »

I'm forging again, only because the price of alts went back up and I got interested again.  I was forging in 2014 and stopped probably in 2015 or 2016 cus I was just sorta busy and all alt coins were down.
Also, for all the assets I didn't see much going on there except the same 100-500 people investing in temporary mining projects that payed dividends.

I stay with NXT because I like the concept better than ETH.  Maybe other people who used to forge like ETH better, I don't know.  I think if you have good ICOs in the future people will run the wallet more to forge.
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Jake-R

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Re: If you do not forge, Nxt dies...
« Reply #41 on: July 09, 2017, 05:49:00 pm »

I will be forging in about 3 hours when I hit 1440 confirmations. Do I need to make an outgoing transaction before forging will start? Can someone PM me an address I can send 1 Nxt to?
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lurker10

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Re: If you do not forge, Nxt dies...
« Reply #42 on: July 09, 2017, 06:01:46 pm »

I will be forging in about 3 hours when I hit 1440 confirmations. Do I need to make an outgoing transaction before forging will start? Can someone PM me an address I can send 1 Nxt to?

Send to yourself, that'll do.
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Jake-R

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Re: If you do not forge, Nxt dies...
« Reply #43 on: July 09, 2017, 08:07:29 pm »

Send to yourself, that'll do.
Thank you! I guess I need to wait for 1440 confirmations of that transaction as well.

Does having more Nxt in your wallet increase the odds of forging?
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shugo

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Re: If you do not forge, Nxt dies...
« Reply #44 on: July 09, 2017, 08:34:46 pm »

Quote

Does having more Nxt in your wallet increase the odds of forging?

Yes it does. NXT is PoS (Proof of Stake)
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Riker

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Re: If you do not forge, Nxt dies...
« Reply #45 on: July 11, 2017, 08:13:07 am »

First I would like to personally thank Megalodon for the 5M NXT bounty program which in my view, has contributed immensely to NXT.
This should not be taken for granted, most whales gave 0 contribution to the NXT community and this forging bounty was a very generous offer.

Regarding:

Quote
I believe we have to address the underlying reason(s) why interest in forging is waning. Many suggestions/comments have been made about improving ease of forging/leasing, client UI & other incentives, but they rank low on the priority list of devs, if they get there at all. Until that changes, I doubt this bounty program will help much.

It's true that this year our main focus has been on Ardor development, but rest assured we view forging as a critical functionality.
From technical stand point, what can we improve? Especially certain UI issues can be addressed relatively easily if someone prepares a prioritized list of tasks.
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websioux

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Re: If you do not forge, Nxt dies...
« Reply #46 on: July 11, 2017, 09:04:53 am »

To make it easier :
pool plugin ?
:7876/pool <- instructions on how to lease forge with us, set up fund returns and get alert to renew lease (lease forge with message)
:7876/plugin <- choose from available community pools (so you send your lease forge, with the right message by filling html form)

Then any forging node can be pool

But for selfish minds, only an increase of the flow of transactions can make forging "worth it" because of a visible lost return. Today the return is too small to even read about it.

Speculation looks like a great universal crowdfunding ressource but speculators do not care a shit about what they speculate on. Only real intensive usage can help.

 
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forkedchain

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Re: If you do not forge, Nxt dies...
« Reply #47 on: July 11, 2017, 11:57:40 pm »

First I would like to personally thank Megalodon for the 5M NXT bounty program which in my view, has contributed immensely to NXT.
This should not be taken for granted, most whales gave 0 contribution to the NXT community and this forging bounty was a very generous offer.

Regarding:

Quote
I believe we have to address the underlying reason(s) why interest in forging is waning. Many suggestions/comments have been made about improving ease of forging/leasing, client UI & other incentives, but they rank low on the priority list of devs, if they get there at all. Until that changes, I doubt this bounty program will help much.

It's true that this year our main focus has been on Ardor development, but rest assured we view forging as a critical functionality.
From technical stand point, what can we improve? Especially certain UI issues can be addressed relatively easily if someone prepares a prioritized list of tasks.
would it be a bad idea to make it cheaper for a pool to pay out to lessees? or cheaper to send a lease?

I understand the goal of setting up consensus to make sendMoney in Ardor a fairly expensive process, but maybe consensus could allow 1 payment at reduced fee if: payment was from a pool, to a lessor/EXlessor, and was within some X number of blocks after lease expires?  something like that would promote leasing, but not quite sure about just general forging.

I guess at this point its just too late to set up a quasi-non-dilutionary inflation system whereby actual new Ardor (say some X% inflation rate per year) is created and distributed to those who forged blocks, split up in some percent?
« Last Edit: July 12, 2017, 12:04:34 am by forkedchain »
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lurker10

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Re: If you do not forge, Nxt dies...
« Reply #48 on: July 18, 2017, 06:19:15 am »

A small improvement has happened, the total forging stake went from 274 to 291 million from the time this thread was submitted.  How about making a goal to reach 350 million by October? It is doable, it used to be at that number last year.

Ardor ICO must not be disturbed by any threats, which requires solid network security. Start forging if you have been lazy until now, it is for your own benefit as a NXT/Ardor investor.
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shugo

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Re: If you do not forge, Nxt dies...
« Reply #49 on: July 18, 2017, 06:59:18 am »

A small improvement has happened, the total forging stake went from 274 to 291 million from the time this thread was submitted.  How about making a goal to reach 350 million by October? It is doable, it used to be at that number last year.


Hm... isn't that almost impossible? People will sell NXT for JLRDA in August, so less NXT forging, right?
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lurker10

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Re: If you do not forge, Nxt dies...
« Reply #50 on: July 18, 2017, 08:28:54 am »

A small improvement has happened, the total forging stake went from 274 to 291 million from the time this thread was submitted.  How about making a goal to reach 350 million by October? It is doable, it used to be at that number last year.


Hm... isn't that almost impossible? People will sell NXT for JLRDA in August, so less NXT forging, right?

Some people are going to buy all these NXT coins, hopefully they will forge. This effort is minimal compared to physical POW mining and they protect their own wealth when they forge.

Besides, it is going to be a problem for Jelurida to sell so much NXT over 2 months and not tank the price well below 1000 satoshi.
Idk if their intention is to sell everything in 2 months or not, but it's a good thing that a substantial stake will go to them, they understand, like nobody, the need to forge to secure the platform.

I think 350 million forging stake by October is certainly possible. After all, the successful launch of Ardor depends on proper and safe functioning of Nxt through the end of October.
Even after Ardor is launched, Nxt can't simply fade away and let die, because it will prove unviability of the 100% fixed supply PoS concept, so Nxt users must forge IF they hope to get something out of their Ardor investment.

Frankly, the fixed supply 100% PoS is a bit flawed as we can see and personally I'd prefer to see 1-2% yearly inflation and not mind that my holdings are slightly diluted if this helps to secure the network giving more motivation to forgers. But we have this Nxt maximalism here in the community that fixed supply is the best thing since sliced bread and no thing should be changed. We'll see how it all pans out.
« Last Edit: July 18, 2017, 08:32:15 am by lurker10 »
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Jake-R

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Re: If you do not forge, Nxt dies...
« Reply #51 on: July 18, 2017, 02:36:17 pm »

I will be here, Forging and ready to buy all that cheap Nxt.
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mantas779

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Re: If you do not forge, Nxt dies...
« Reply #52 on: July 19, 2017, 07:23:01 pm »

Waiting to hit 1440 blocks , then forging, but i want to scoop up IGNIS for 0.40  NXT
And wil need my NXT for it.
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cayenne

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Re: If you do not forge, Nxt dies...
« Reply #53 on: July 19, 2017, 09:21:29 pm »

For every 100,000 NXT that forges, how much NXT is earned per day?
Same question for Ardor. If the return on investment is too low, people will not forge.
This is similar to one of the problems with Bitcoin, when the transaction fee is too low, the miners don't want to process it.
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MrV777

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Re: If you do not forge, Nxt dies...
« Reply #54 on: July 19, 2017, 11:24:37 pm »

For every 100,000 NXT that forges, how much NXT is earned per day?
Same question for Ardor. If the return on investment is too low, people will not forge.
This is similar to one of the problems with Bitcoin, when the transaction fee is too low, the miners don't want to process it.

The return is dependent on the total NXT forging along with the number of TX's. Returns should increase as TX's increase
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farl4bit

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Re: If you do not forge, Nxt dies...
« Reply #55 on: July 20, 2017, 08:04:16 am »

For every 100,000 NXT that forges, how much NXT is earned per day?
Same question for Ardor. If the return on investment is too low, people will not forge.
This is similar to one of the problems with Bitcoin, when the transaction fee is too low, the miners don't want to process it.

It depends on the amount of NXT that is forging, the amount of transactions (fees) and the price of 1 NXT.

Here's a calculator: https://www.mynxt.info/forging_calculator.php


I think 350 million forging stake by October is certainly possible. After all, the successful launch of Ardor depends on proper and safe functioning of Nxt through the end of October.
Even after Ardor is launched, Nxt can't simply fade away and let die, because it will prove unviability of the 100% fixed supply PoS concept, so Nxt users must forge IF they hope to get something out of their Ardor investment.

According to https://www.mynxt.info/forging_calculator.php we are already at 360,588,654 NXT forging power.
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lurker10

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Re: If you do not forge, Nxt dies...
« Reply #56 on: July 20, 2017, 08:29:42 am »

According to https://www.mynxt.info/forging_calculator.php we are already at 360,588,654 NXT forging power.

I am suspicious of this number being so much higher. Even if it is accurate, it's also lower than last year by some 20-25%, same as nxtportal.org's numbers. This 20% retreat can and should be taken back.
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noob

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Re: If you do not forge, Nxt dies...
« Reply #57 on: January 09, 2018, 07:08:10 pm »

And now after ardor launch things seem to get worse. According to nxtportal.org the active stake is only 215'678'039 NXT and we have two accounts that have >50% forging power together.

What do you think, on the assumption these figures are correct, do we need to fear for the future of nxt (and therefore for the future of 100% PoS systems) because of low forging stake and two accounts with >50% forging stake?
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robotron

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Re: If you do not forge, Nxt dies...
« Reply #58 on: January 09, 2018, 07:24:25 pm »

I'll try to keep my nxt node running and updated as far as I can, also with forging power of a couple of friends, but our forging power is very low since we spent all to buy ardor assets. I hope it will not die.  ;)
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Brangdon

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Re: If you do not forge, Nxt dies...
« Reply #59 on: January 09, 2018, 08:23:03 pm »

And now after ardor launch things seem to get worse. According to nxtportal.org the active stake is only 215'678'039 NXT and we have two accounts that have >50% forging power together.

What do you think, on the assumption these figures are correct, do we need to fear for the future of nxt (and therefore for the future of 100% PoS systems) because of low forging stake and two accounts with >50% forging stake?
As I recall, one of the two accounts is Jelurida. Presumably they won't attack the system with a 51% attack, because they could get more profit/damage by changing the code. However, it does mean Nxt is a now rather centralised. My own node is no longer running because I have abandoned Nxt completely.
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