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If you do not forge, Nxt dies...
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Author Topic: If you do not forge, Nxt dies...  (Read 13629 times)

lurker10

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If you do not forge, Nxt dies...
« on: July 01, 2017, 10:46:23 am »

...and your investment also dies.

When the total forging stake gets too low, security of the network is decreased, it becomes vulnerable to 51% attacks.

The total forging stake has dropped to 270 million of the total supply of NXT coins. This is an all time low. Please start forging to protect your investment.
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shugo

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Re: If you do not forge, Nxt dies...
« Reply #1 on: July 01, 2017, 11:01:57 am »

I stopped forging because my Raspi always stops the node/forging after 2-3 days

I will reinstall from scratch and try it again.
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MrV777

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Re: If you do not forge, Nxt dies...
« Reply #2 on: July 01, 2017, 12:13:57 pm »

If you want to give me some more NXT, I'll forge with more  ;D
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galeki

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Re: If you do not forge, Nxt dies...
« Reply #3 on: July 01, 2017, 12:23:52 pm »

I guess a lot NXT move to exchanges during this altercoins boom.

And the rewards still seems low unless we pump 1 NXT to 1$. :)
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ThomasVeil

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Re: If you do not forge, Nxt dies...
« Reply #4 on: July 02, 2017, 09:08:02 am »

Do we actually have a document somewhere who explains "forging for noobs" basically? Just the steps how to go about it.
Was also looking for pools the other day, since a user asked about it at Bitcointalk... but it's hard to find currently active pools.
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websioux

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Re: If you do not forge, Nxt dies...
« Reply #5 on: July 02, 2017, 01:33:58 pm »

Exchanges should forge aren't they ?
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lurker10

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Re: If you do not forge, Nxt dies...
« Reply #6 on: July 02, 2017, 04:23:14 pm »

Here is a forging pool run by a known community member, he's been running it for a few years:
http://198.211.103.222/howto.html

How to lease NXT balance to the forging pool:
https://nxtwiki.org/wiki/Account_Leasing

Please do your part in helping to strengthen the Nxt network. You help your investment doing it.
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qq2536007339

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Re: If you do not forge, Nxt dies...
« Reply #7 on: July 03, 2017, 12:16:50 am »

I hope core dev can increase lease period longer,for small amount holder,lease is their best choice,but at current forging yield,you need at least 5K to be just break even at forging pool.
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farl4bit

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Re: If you do not forge, Nxt dies...
« Reply #8 on: July 03, 2017, 07:17:53 am »

Forging for life!  :-*
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websioux

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Re: If you do not forge, Nxt dies...
« Reply #9 on: July 03, 2017, 08:49:59 am »

Couldn't we have a "stop leasing" command hence very large max deadline ?
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Brangdon

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Re: If you do not forge, Nxt dies...
« Reply #10 on: July 03, 2017, 04:46:41 pm »

Couldn't we have a "stop leasing" command hence very large max deadline ?
There is a security concern. If someone got over 50% of blocks by leasing, they would control which transactions got processed, and could reject any transactions which transferred forging power away from their pool. Having leases expire means the pool would lose its forging power eventually anyway. Knowing that hopefully deters people from bothering to try. This concern argues for short leases, and convenience argues for long leases. The current lease time is a trade-off.
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apenzl

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Re: If you do not forge, Nxt dies...
« Reply #11 on: July 03, 2017, 11:40:02 pm »

Nxter Magazine / NXTER.ORG's forging node is nrs.nxter.org.

By leasing your balance to us @ alias nxthub1 (acct NXT-NYJW-6M4F-6LG2-76FR5), you support the Nxt network PLUS our work.  :)

It will cost you 1 NXT.

Click on your balance in the Nxt Client
> Click Account Leasing
> Click Lease your balance to another account
> Enter account ID or account alias (nxthub1). Choose max period (default).
Lease.

Please consider doing so. OR forge with your own account. Thanks.

forkedchain

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Re: If you do not forge, Nxt dies...
« Reply #12 on: July 04, 2017, 02:34:24 am »

Here is a forging pool run by a known community member, he's been running it for a few years:
http://198.211.103.222/howto.html

How to lease NXT balance to the forging pool:
https://nxtwiki.org/wiki/Account_Leasing

Please do your part in helping to strengthen the Nxt network. You help your investment doing it.

thanks for the plug.  ill bump this topic.  my pool has been wildly successful and I have a tracking system built for it at that webpage you referenced.  payouts are initiated by an AM message to the pool forging account, and are handled automatically.  Our current pooled forging power is 14082973 so we generate multiple blocks per day.  a few weeks abo we even snagged a monetary system creation block, that was woth like 15000 in NXT fees that pool members split based on their % of total forging power.

Im pleased to say I will be ready with the Ardor forging pool.  Its on the testnet blockchain now at http://theardorpool.dynu.net and its 100% except for the payout logic I need to build.


after I first saw this post, I went to bitcointalk to try to advertise, I guess maybe we should see if we can get those threads some traffic?

https://bitcointalk.org/index.php?topic=1996847.msg19884500#msg19884500
and
https://bitcointalk.org/index.php?topic=1996842.msg19884419#msg19884419

« Last Edit: July 04, 2017, 02:49:52 am by forkedchain »
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farl4bit

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Re: If you do not forge, Nxt dies...
« Reply #13 on: July 04, 2017, 09:53:44 am »

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neofelis

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Re: If you do not forge, Nxt dies...
« Reply #14 on: July 04, 2017, 03:14:51 pm »

51% attack?  Are we still worried about that?  Let's see....to get 51%, a malicious actor would have to buy up a LOT of NXT, driving the price super high only to destroy his own investment.  I don't see that happening....ever.

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lurker10

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Re: If you do not forge, Nxt dies...
« Reply #15 on: July 04, 2017, 03:53:14 pm »

51% attack?  Are we still worried about that?  Let's see....to get 51%, a malicious actor would have to buy up a LOT of NXT, driving the price super high only to destroy his own investment.  I don't see that happening....ever.

Yes, we're still worried.

The bear market which lasted almost 3 years gave many opportunities to buy very cheap NXT, who knows if someone was buying hundreds of millions and is preparing an attack when their stake becomes greater than the total forging stake, the latter has been going down to reach all time low this month. The attack would have the most (dramatic) effect on the date of Ardor launch, the attacker would be in possession of a lot of Ardor as well, and could attack both networks at the same time.

The reason to destroy can be: a) non economic (attacker's vested interest is in fiat, possibly limitless fiat); b) economic in case the attacker wants to destroy NXT to protect their investment in other crypto with which NXT is in competition (attacker doesn't lose anything because their investment in other crypto grows up if NXT fails).

To protect against this threat every NXT holder and their mother must forge. There is no other way in Nxt as a proof-of-stake system.
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shugo

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Re: If you do not forge, Nxt dies...
« Reply #16 on: July 04, 2017, 04:30:56 pm »

Does it make sense if I run two nodes instead of one with same amount of NXT, just splitted? Would that secure the network more than just with one node?

As I understand it, the amount of NXT (PoS) and not the amount of nodes is securing the network, right?
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lurker10

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Re: If you do not forge, Nxt dies...
« Reply #17 on: July 04, 2017, 04:40:39 pm »

Does it make sense if I run two nodes instead of one with same amount of NXT, just splitted? Would that secure the network more than just with one node?

As I understand it, the amount of NXT (PoS) and not the amount of nodes is securing the network, right?

There is no additional benefit in doing this for the total forging stake.
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farl4bit

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Re: If you do not forge, Nxt dies...
« Reply #18 on: July 04, 2017, 06:12:24 pm »

Forging power is raised to 360 Million. Not by me btw.  ;D
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lurker10

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Re: If you do not forge, Nxt dies...
« Reply #19 on: July 04, 2017, 06:55:47 pm »

Forging power is raised to 360 Million. Not by me btw.  ;D

https://nxtportal.org/monitor/
274 million, I think they show the average of 10'000 blocks.
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