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NXT is not trustless and premined by very few people. How do you answer that?
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Author Topic: NXT is not trustless and premined by very few people. How do you answer that?  (Read 10919 times)

alxx77

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Also, maybe I can release a PoS fork of bitcoin for fun :)


Hey, say that again..??!!

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jl777

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Also, maybe I can release a PoS fork of bitcoin for fun :)


Hey, say that again..??!!
Also, maybe I can release a PoS fork of bitcoin for fun :)
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alxx77

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Also, maybe I can release a PoS fork of bitcoin for fun :)


Hey, say that again..??!!
Also, maybe I can release a PoS fork of bitcoin for fun :)

Hey, hey, hey... let's think about that for a moment...

Hmm.. ... maybe it could succeed as a currency purely from marketing reasons...???

I would say that you should do it..!!


Goin' to sleep now..  ;D
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2Kool4Skewl

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Also, maybe I can release a PoS fork of bitcoin for fun :)


Hey, say that again..??!!
Also, maybe I can release a PoS fork of bitcoin for fun :)

TROUBLEMAKER ALERT!

lol
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We are the descendants of Bitcoin.  We are the continuation of the cause it started, but that perished with its centralization.
An economic system is a manifestation of an ideology.  What was lost, we shall reclaim.
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"

Nxter

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Also, maybe I can release a PoS fork of bitcoin for fun :)


Hey, say that again..??!!
Also, maybe I can release a PoS fork of bitcoin for fun :)

I have got the prefect name for it:
POStBicoin   ;D
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nexern

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could this simple calc be used to estimate the current forging power?

asuming this statement  https://nxtforum.org/proof-of-stake-algorithm/forging-2088/msg35543/#msg35543  from nCtrl is correct we have a clean relation to start a simple approach.
-- If a forger owns roughly 10 times more coins than another, we can expect that he will generate 10 times more blocks in the long term. --

first we look at the actual forged block/account distribution:
http://nxtexplorer.com/nxt/nxt.cgi?action=150

then we choose the biggest non-lessor account with low transactions (removing noises) as reference and assuming this account is forging relativly
constant the last 200 forged blocks. let's choose this one:

1. http://nxtexplorer.com/nxt/nxt.cgi?action=3000&acc=4747512364439223888&switch=500   ( 50 mio.)

and another one as a crosscheck, e.g. this one:

2. http://nxtexplorer.com/nxt/nxt.cgi?action=3000&acc=5982846390354787993&switch=500   (  5 mio.)

for acc. 1:
we check the last 200 forged blocks for acc. 1 and the block heights. first height - 188127 | last height - 191176

191176 - 188127 = 3049 blocks | 200 forged = 200 * 100 / 3049 = 6.5% forged from all blocks within this blockrange.

in this case the complete current forging power should be : 100 * 50 mio / 6.5 = 770 mio. nxt.
if so, we should be able to derive the theoretical forged blocks for the other reference accounts.

for acc. 2:
then we check the last 200 forged blocks for acc. 1 and the block heights. first height - 158868 | last height - 191208
in relation (balance 1/10) from acc. 1 we should expect ~30.500 blocks. result is: 191208 - 158868 = 32.340 blocks.
as expected not precise but at least within the range ( deviation is 6.0 % and could be due to transactions or offline times)
for acc. 2 the complete current forging power is ~800 mio nxt.

this is just a quick shot and for sure no precise science. but those numbers could be easily enhanced by adding more reference accounts
and more important, by expanding 200 blocks to e.g. 2.000 blocks. building a moving average from e.g. 50 ref. accounts should lead into
a usable - current peers forging power - number while this data could be also used to code a pretty accurate forging calculator, based on
current real forging parameters and results. simply by monitoring a bunch of reference accounts.

btw. this reddit guy.

for sure the forging power is much more than the sum of all current balance leases are shown here: http://nxtexplorer.com/nxt/nxt.cgi?action=30&switch=8
Leasing Total : 190,088,339 NXT | within 295 Accounts ( assuming the nodes are all online and forging)

now, do i oversee something fundamental here and if not does it makes sense or is it worth to add such stats to nxtexplorer?
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nexern

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any confirmation (or not) this calc makes sense and the actual forging power is around 750m nxt?
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TheCoinWizard

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any confirmation (or not) this calc makes sense and the actual forging power is around 750m nxt?
Yes the calculation makes sense as long as these forgers have been forging during that whole period.
And yes, it would be nice to see the estimated total NXT forging on the info / statistics page.
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nexern

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any confirmation (or not) this calc makes sense and the actual forging power is around 750m nxt?
Yes the calculation makes sense as long as these forgers have been forging during that whole period.
And yes, it would be nice to see the estimated total NXT forging on the info / statistics page.

already done. -> http://nxtexplorer.com/nxt/nxt.cgi?action=160
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MCoin

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Also, maybe I can release a PoS fork of bitcoin for fun :)

This reminded me of thread at bitcointalk so I'll link to it: bitcointalk.org/index.php?topic=584719.0

Sounds like it is a long way off but perhaps there are some ideas there.

Ironically I think the guy has decided to code his Bitcoin Proof-of-Stake fork/implementation in java ;)
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ChuckOne

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Could somebody tell him, that one cannot simply create another chain that is as good as the main chain?
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alxx77

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Also, maybe I can release a PoS fork of bitcoin for fun :)


Hey, say that again..??!!
Also, maybe I can release a PoS fork of bitcoin for fun :)

I have got the prefect name for it:
POStBitcoin   ;D

Hey James, we are waiting...  :D
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Tosch110

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Also, maybe I can release a PoS fork of bitcoin for fun :)


Hey, say that again..??!!
Also, maybe I can release a PoS fork of bitcoin for fun :)

I have got the prefect name for it:
POStBitcoin   ;D

Hey James, we are waiting...  :D

I want some of that fun! If you divide through NXT, my ID is in my sig as one of the stakeholder.
I would stake hodl for free :)
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