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Author Topic: AM I DOING GOOD;)  (Read 1453 times)

ultim8or

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AM I DOING GOOD;)
July 23, 2014, 06:21:28 pm

HI All

Hope you are well - really excited about NXT,

A hobby economist, legalist and accountant *yawn* would be happy to share my thoughts on developing NXT. BUTTT
BEFORE I DO THAT -

I SET UP A WALLET  ;D and have a WHOPPING 3 NXT COIN. As long as my wallet stays open, does that mean I am forging?

If people are donating NXT, please do keep me in mind, I have a few ideas in developing NXT and making it mainstream so watch this space:)

NXT Wallet for donations is NXT-W49V-Y5UC-XPAC-BH9M8   - thank you!!

farl4bit

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Re: AM I DOING GOOD;)
July 23, 2014, 07:31:13 pm

Welcome, great to have you on Nxt!

First: No public key, your account is less safe. Please make an outgoing transaction as soon as possible. Send a message, register an alias, send 1 NXT to me (I will send you 10 NXT in return)
Second: It takes 1440 confirmations (about 1.5 day) before you can forge.
Third: Forging is only profitable when you have a lot of Nxt. You can also lease it to a pool. Read more about Forging.

And you can get more free NXT here http://freenxt.org.

Have fun! :)

2Kool4Skewl

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Re: AM I DOING GOOD;)
July 23, 2014, 07:53:26 pm

Welcome.  Interested to see what you have in mind.
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"

lucky331

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Re: AM I DOING GOOD;)
July 24, 2014, 11:16:01 am

HI All

Hope you are well - really excited about NXT,

A hobby economist, legalist and accountant *yawn* would be happy to share my thoughts on developing NXT. BUTTT
BEFORE I DO THAT -

I SET UP A WALLET  ;D and have a WHOPPING 3 NXT COIN. As long as my wallet stays open, does that mean I am forging?

If people are donating NXT, please do keep me in mind, I have a few ideas in developing NXT and making it mainstream so watch this space:)

NXT Wallet for donations is NXT-W49V-Y5UC-XPAC-BH9M8   - thank you!!

hello. 

please tell us more on what you like about Nxt and how you plan to help the community going forward here:  https://nxtforum.org/assets-board/go-nxt-campaign-an-asset-(and-proactive-giveaway)/

we'll send you a little gift courtesy of nxtforum.org and the go nxt! campaign. 

thanks.   :)
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ultim8or

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Re: AM I DOING GOOD;)
July 26, 2014, 09:01:33 am

Thank you for the messages-  my first thought is that we need more exchanges. To state the obvious, they need to be user friendly and secure. Being a layman when it comes to IT when buying Nxt all I want to do is deposit via PayPal and buy coin but when trying to buy on the new Danish bourse it still takes a few days to transfer. I need it t be instant and when it is a major obstacle will be removed. If I want currency at the airport I don't want to be waiting for two days for my money to be deposited. I want it and I want to move on it quickly. I'm not a developer but if anybody wants to help me develope an exchange I'm happy to start putting Nxt towards but you might have to wait a few days while my funds are deposited ;)

Here is an article I posted recently on nxtcoin.org

Hi All,

Disclaimer: I am brand new to the NXT community and have a lot to learn about this so please bear with me. However, I do understand about financial markets, financial psychology, market economics, the law and accounting. I humbly write here with a view to furthering the NXT community. A strategic overview if you would and I welcome feedback and suggestions for improvement. If you like this article and would like to support I welcome any support and donations to my wallet: 10614122239981652219 (my numeric account format). I am not a developer and my IT skills in comparison are limited. I do however, have knowledge (which I share below) so please do reward as you see fit.

Introduction
It is obvious to me that NXT is the future. Having evolved from the BTC proofofwork Model, the proof of stake model is a significant step forward which allows and encourages User Interaction and participation (a crucial element to contributing to the snowball effect that is required for the NXT coin to become the currency of choice when making online transactions).
Vision
The vision is simple : One day in the future, I hope, that NXT coins will be the currency of choice. The preferred currency when it comes to making online transactions will be NXT. When the landlord asks for rent, its not cash he wants, but NXT. When you are at a shop and it is time to checkout, you still pat your back pocket for your wallet and then you remember, nobody pays cash anymore, and instead you pull out whatever tablet is in vogue at the time and you tap a few keys and you pay in NXT. That is at least, my vision.


The Path
To reach that NXT Paradise there are some things that are essential for NXT to surpass even the success of BTC.
1)   Security – I have no doubt much has been said about how secure NXT is and the importance of its security. I won’t profess to understand it myself, as I am so new I am learning myself. I think it is important enough though that the point should be made. All development when it comes to NXT must be secure as consumer confidence in the currency is paramount. If this is lost, then the whole project will be. However, this is a constant battle, so it is important that NXT is open and legitimate at every corner so even when attacks happen, NXT’s reputation is not dented. After all, every time there is a bank fraud, a ponzi scheme, or any other type of theft/fraud, this does not lead to a mass exodus of Dollar users.
2)   Liquidity – In the short and medium term, I think that liquidity is less of an issue as there is so much NXT available and for now it is a matter of it gaining traction. In terms of USD, 1 NXT has much more upside potential and I envisage that as it gains traction, it will start to bite into BTC’s marketshare.

However, I think the community must consider happens when the market starts to become saturated.  One thought I have had is that there are a billion NXT out there.  The proof of stake system allows you to be rewarded when you hold NXT. What is to stop big stakeholders holding on NXT when NXT becomes really valuable?  (Perhaps I have missed something so I am happy to be corrected here).

For me the solution to this is, is that before this happens NXT needs to become entrenched as soon as possible as a fast and central currency for online transactions.

We need more exchanges. The exchanges need to be secure and easy to sign up. They need to be able to have “Paypal-type” deposit functions which allow the layman to deposit and withdraw quickly and easily and buy NXT simply. I just tried to buy NXT, it wasn’t as easy as I envisaged. We can do better. (I have to say opening a wallet is really easy and that is one of the main attractions of NXT).

We need more payment mediums and online businesses that use this so accepting NXT is simple and easy. The quicker this happens the more exponential NXT’s growth will be. However, the exchanges need to accommodate this increase in transaction with ease in conversion from NXT to “mainstream currencies”. This is essential.  On CCEDK, I had to transfer which takes 1-2 days. This is too long. (I am willing to help fund a new exchange that does this so do get in touch.)

Referring to my vision, why else would the landlord want NXT? He needs to know that he can convert it to a currency of his choice, however if all goes well, he will keep NXT. It is like giving the consumer an “out”, the psychological safety of which will allow them to buy into the concept in the first place.

3)   Legal Legitimacy
For me for NXT to be mainstream and not just a quirky, trendy currency it needs legal legitimacy.  Public perception in the medium to long-term is key and one of the attractions of BTC and its greatest “media-bashing” tools was its anonymity. If NXT really is an evolved version of BTC, then the community needs to be willing to self-police early on and at the same time, maintain a degree of its anonymity.

Why would I was an entrepreneur and investor enter into deals for projects with other NXT users purely on faith alone. I know that is happening now, and I commend the community for that but for it to be part of the mainstream we need to be willing to allow for a level of legal legitimacy. This means we will have to compromise on anonymity to a degree. I am open to suggestions on this and as this is merely food for though please do post what you think.

My thoughts were a “bank” for transactions which allows for legal transactions to be recorded through lawyers so user anonymity is maintained but avenues for mediation, and court action are allowed should any one party fail to deliver on its promises.  Any user of the bank would allow for transactions to be subject to a body of law, (US, UK etc). Any such user would have to pay in NXT, BTC or any currency to register, but I tell you something. If I know that I am mitigating some of the risk when it comes to investing through NXT, then I will be willing to invest a whole lot more.

As NXT grows in value, good faith alone will not be sufficient to sustain its durability in the long-term.  Again, I am willing to create such a bank but right now it is just a concept.

Thanks for reading, I just had some thoughts I wanted to share, and I hope you like and if use this for your ideas do remember me. Please do donate NXT and I will use it to put my thoughts into action.

PEACE

lucky331

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Re: AM I DOING GOOD;)
July 26, 2014, 10:56:16 am

wow!  nice write up.  thanks.  :)

sent you 50 Nxt.
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jefdiesel

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Re: AM I DOING GOOD;)
July 26, 2014, 02:12:19 pm

Cool write up, always good to see outside thought applied, so we can better understand how NXT is perceived in the world.

I'm not going to copy and counter, its too early to be that organized ;), but rather i'm gonna throw a couple points at you.. MANY members of the community have yet to really figure this out, but maybe your economist and accountant brain can help me explain to the greater population

Bitcoin is MONEY with very few financial tools. Its digital FIAT. You go to work and get paid then you can buy food, shelter, etc. The end. Back to work tomorrow, earn more. The only reason BTC value has increased is demand. Remember BTC is finite and there will eventually be no more (proof of) work to be done. Like a mine town when the mine taps out.

NXT has a different place. Its not to be worked for or spent on consumables. It has a value that people will exchange for goods and services, in limited manners now.
The analogy I use is its like having no money and paying for gas with unvested Facebook shares. If the gas station attendant was smart, he'd pay for you gas himself and keep the stocks. But not all people will be able to afford such actions. They need to buy food and shelter.

NXT is designed to be a lubricant to the financial system. It is a medium through which greater value will pass. The design will allow a much decreased overhead, and instant and secure transactions.
The gas station will not want to accept NXT for gas, instead the gas station will use a system based on NXT to process all payments, handle payroll, rent, banking, and accounts payable. The gas station may never know what NXT is.

As holders of NXT, we are serving to secure and grow this network. The liquidity issue in NXT more concerns distribution, as the security relies upon NXT being in many peoples hands, and less about being available to be simply spent.
The price seems to represent these needs. This reduces the importance of numerous exchanges, as users are not simply moving through NXT into other goods or services.

NXT needs a healthy market, but more importantly it needs a robust market. Exposure on pump and dump exchanges is not doing anything for anyone. When people want to buy NXT, they will go where it is sold. There is a demand for NXT to Fiat of course, but even that is secondary.

MGW offers a decentralized market which is the purest ideal at the moment. Banks and laws are the complete opposite direction. NXT has the planned financial tools to make these regulatory bodies obsolete.
NTX does not need Legal legitimacy, it has secure features that out strip any laws of man.

Member of D.O.R.C.S., creators of Lyth - An Emergent Trading Game | Asset ID: 2318361924203311027

farl4bit

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Re: AM I DOING GOOD;)
July 26, 2014, 05:54:09 pm

Great summary Jef! I dedicated a tweet on it.

- The Future is Nxt -

salsacz

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Holidays are (almost) over, check more news at: Nxt Academy

farl4bit

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ultim8or

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Re: AM I DOING GOOD;)
July 27, 2014, 09:58:33 am

Hey all

Thanks for the NXT much appreciated and thanks Jefdiesel for the response. Really like that we got some debate going and you certainly clarified the role of NXT as a lubricant. I have a few counter questions because you have definitely given me pause for thought. One thing I will say is that I am still understanding NXT such as the MGW structure.

This may be a little like the chicken or egg scenario so bear with me, but where you talk about lubrication are we not therefore talking about liquidity? And when we refer to the security of the coin based on distribution is it not inevitable that the value held by the NXT will be used to access goods or services whether it was intended to do so or not. I meanthe gas station example may be too simplistic but let's consider transactions to be carried online in that manner to allow individuals to purchase goods or services.

If you are referring to NXT as a medium through which value passes, the question would then be, how will this be achieved? Jef, is the view then that there will be an alternative financial network? Ultimately the gas station (I know I just said let's not use that but I have come back to it) takes coin, deposits it in its bank account and it enters the financial network through banks and effectively the money market. For NXT to have access to this, we would need institutional endorsement which would be willing to take on NXT as a medium for value transfer. To do that NXT must have value, and given its current abundant supply, demand needs to be built which relies on reliable secure access. I agree the pump and dump model of exchanges is detrimental to any currency and asset and will discredit coin quicker than any fraud would but at the same time right now for NXT to be distributed, people need easy and quick access as well as an outlet for its use. I think you hit the essence of the problem when you said pump and dump- how do we avoid detrimental speculation while encouraging liquidity to gush through the system. My solution of many exchanges is not elegant but may give I enough supply to stop fast movements in price.

Re:MGW could you explain that to me a little bit more? If NXT were to gain in value and I were to use NXT to invest in the MGW assets... What guarantee do I have that I will get a return? What is to stop someone from creating a sham asset, taking my NXT and me not being able to trace them due to their anonymity and my lack of technical know how. Defo need some education on this point so be my guest to show me the way. How will I as an investor get any recompense? Who do I turn to in that scenario? (This needs to be highlighted so everyone can know its security features)

The legal aspect that I referred to originally I feel if addressed would actually work more in favour of the lubrication argument you have put forward as two parties could exchange value simply and safely - I'm thinking for property for example.

Also your last paragraph.. About it's secure features, are you saying that it is impossible to steal NXT for example? If stolen, can a lay person like myself recover them?

And finally when you say BTC is finite, do we not only have 1 billion NXT?

Thanks and look forward to your clarifications

taxfreecity

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Re: AM I DOING GOOD;)
August 05, 2014, 08:12:54 pm

"What is to stop someone from creating a sham asset, taking my NXT and me not being able to trace them due to their anonymity."

Only you can stop yourself from investing in sham assets. Don't invest like that.

Look at projects as charitable contributions. Start from a project and work nxt in; don't start with nxt and build a project.

The Tax Free City Project uses Kisscoin to fundraise and build its visibility. It's helped website traffic. Hundreds more people have heard of the Tax Free City Project in the last two months. If they like it, they'll support the project.

Kisscoin Asset ID: 12764573703623177516

How many more years can you go without a tax free city? 5, 4, 3, 2, 1, 0?!
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