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[Help offered] Data analysis to help NXT
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Author Topic: [Help offered] Data analysis to help NXT  (Read 1653 times)

iluvhermione

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[Help offered] Data analysis to help NXT
« on: June 13, 2014, 11:04:42 pm »

Hey all!

I am a data analyst working at a big tech firm in San Francisco. My job consists of aggregating and analyzing data to make insights that help make a product (or company) function better. I've been the head data analyst for various projects in sales, marketing, engineering, product, and infrastructure.

By chance, I stumbled upon the NXT forums recently and really liked what I saw. I've always been very interested in crypto-currencies and many what I've read about NXT just resonates really strongly with what I think a growing crypto community should be like.

First, I think it's incredibly cool that NXT has a whole range of possible uses that is not just limited to money transferring. This flexibility of different applications is what sets it apart from a lot other coins, especially a lot of the coins that are essentially just bitcoin clones.

In addition, I love that a lot of people here on this forum are really invested in the long term vision, as opposed to of the "pump and dump" mentality that are sometimes on the other crypto-c forums.
I'll keep this part short but those are two of the main reasons why NXT appeals to me so much.

I firmly believe that cryptocurrency technology will play an important role in our economy and lives in the decades to come, and I think NXT is one of the most promising developments that I've seen in the area.

I would love to directly help in the efforts of taking NXT to the next level. I have witnessed how powerful data analytics can be when applied to various products; in fact, being data-driven and being able to pivot and adapt fast is one of the key advantages for many SF tech startups nowadays.

I'm currently brainstorming ideas and if any of you all have any thoughts on how we can use data analysis to improve NXT, let's have a chat! I'm really open to anything, such as side projects, research, or even building dashboards/tools/platforms with developers/data engineers, as long as it provides good value!
« Last Edit: June 13, 2014, 11:33:22 pm by Daedelus »
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Tosch110

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Re: Data analysis to help NXT
« Reply #1 on: June 13, 2014, 11:06:49 pm »

Nice motivation and skillset you have here.

Welcome to NXT!

iluvhermione

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Re: Data analysis to help NXT
« Reply #2 on: June 13, 2014, 11:14:01 pm »

Thanks!!  ;D
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Daedelus

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Re: Data analysis to help NXT
« Reply #3 on: June 13, 2014, 11:20:13 pm »

Welcome :) 

I don't know what a data analyst does so I am looking forward to your brainstorm results  ;D
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EvilDave

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Re: Data analysis to help NXT
« Reply #4 on: June 13, 2014, 11:20:38 pm »

Welcome to NXT, Granger lover......good to have you on board.



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jl777

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Re: Data analysis to help NXT
« Reply #5 on: June 13, 2014, 11:29:32 pm »

Hey all!

I am a data analyst working at a big tech firm in San Francisco. My job consists of aggregating and analyzing data to make insights that help make a product (or company) function better. I've been the head data analyst for various projects in sales, marketing, engineering, product, and infrastructure.

By chance, I stumbled upon the NXT forums recently and really liked what I saw. I've always been very interested in crypto-currencies and many what I've read about NXT just resonates really strongly with what I think a growing crypto community should be like.

First, I think it's incredibly cool that NXT has a whole range of possible uses that is not just limited to money transferring. This flexibility of different applications is what sets it apart from a lot other coins, especially a lot of the coins that are essentially just bitcoin clones.

In addition, I love that a lot of people here on this forum are really invested in the long term vision, as opposed to of the "pump and dump" mentality that are sometimes on the other crypto-c forums.
I'll keep this part short but those are two of the main reasons why NXT appeals to me so much.

I firmly believe that cryptocurrency technology will play an important role in our economy and lives in the decades to come, and I think NXT is one of the most promising developments that I've seen in the area.

I would love to directly help in the efforts of taking NXT to the next level. I have witnessed how powerful data analytics can be when applied to various products; in fact, being data-driven and being able to pivot and adapt fast is one of the key advantages for many SF tech startups nowadays.

I'm currently brainstorming ideas and if any of you all have any thoughts on how we can use data analysis to improve NXT, let's have a chat! I'm really open to anything, such as side projects, research, or even building dashboards/tools/platforms with developers/data engineers, as long as it provides good value!
Cool skillset!
Do you do Big Data?

My goal is to help 1% of GDP to move to NXT economy before the end of the decade. Otherwise I have to eat my hat so I am hoping you can help by identifying the biggest sectors that are ready to move to crypto so we can prioritize the targeted marketing to the most effective areas.

I have a theory about the impact of asset values on NXT:
https://nxtforum.org/asset-exchange-general/total-market-capitalisation-of-all-assets/msg42562/#msg42562

I found out this was actually some standard economic theory stuff, I just tried to foresee what will happen. So, if I am right the sooner we can get high value assets into NXT, the better.

James
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iluvhermione

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Re: [Help offered] Data analysis to help NXT
« Reply #6 on: June 14, 2014, 12:31:33 am »

Thanks for the warm welcome everyone!

jl: Yup, I do big data.

I read through your post and it makes intuitive sense. If adopted in the way we believe it should and there is good balance, NXT will see a skyrocketing in value per coin simply because it has to. If a new adopter wants to be able to use it, they have to buy NXT. There are a bunch of factors that will determine how this plays out, but I think we have good reason to be optimistic about the value of NXT long term.
 
Optimized/strategic marketing will definitely play a critical role in getting NXT to become as well-known/adopted as BTC is, and eventually surpass that. Getting the sticky adoption in the very early stages and then building that momentum is incredibly important. But with so many sectors and areas to direct, you have to concentrate on one or two that are most likely to integrate, and from there, more and more sectors will want to join, once they see the benefits of using NXT. One of the great things BTC has going for it is that VCs are in love with its growth potential, and many of them are investing millions of dollars into it.

When it comes to NXT, we need to develop a platform on which we can measure our success and failures. There are many many metrics that we can start tracking and using as benchmarks to measure our growth progress. Few examples-

Number of all balances that had an voluntary outgoing transaction of NXT in the past 7 days- general measure of activity
Number of all "monthly-active" balances (balances that had a voluntary outoging transaction in the past 28 days) that were also active in the past week- shows us frequency of usage among the active userbase.
What % of balances that had a voluntary outgoing transaction in 28 to 21 days prior were active in the past week- measures retention and how often users come back.

Each of these metrics can then be segmented into different cohorts, such as continent, balance size, sector, etc. Then we look through the trends and numbers and see which are the most promising areas, which areas are stagnant, which areas are strong, etc.

This is just some of what I was thinking. If you want to discuss more via email or skype, let me know!
 
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jl777

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Re: [Help offered] Data analysis to help NXT
« Reply #7 on: June 14, 2014, 01:44:43 am »

Thanks for the warm welcome everyone!

jl: Yup, I do big data.

I read through your post and it makes intuitive sense. If adopted in the way we believe it should and there is good balance, NXT will see a skyrocketing in value per coin simply because it has to. If a new adopter wants to be able to use it, they have to buy NXT. There are a bunch of factors that will determine how this plays out, but I think we have good reason to be optimistic about the value of NXT long term.
 
Optimized/strategic marketing will definitely play a critical role in getting NXT to become as well-known/adopted as BTC is, and eventually surpass that. Getting the sticky adoption in the very early stages and then building that momentum is incredibly important. But with so many sectors and areas to direct, you have to concentrate on one or two that are most likely to integrate, and from there, more and more sectors will want to join, once they see the benefits of using NXT. One of the great things BTC has going for it is that VCs are in love with its growth potential, and many of them are investing millions of dollars into it.

When it comes to NXT, we need to develop a platform on which we can measure our success and failures. There are many many metrics that we can start tracking and using as benchmarks to measure our growth progress. Few examples-

Number of all balances that had an voluntary outgoing transaction of NXT in the past 7 days- general measure of activity
Number of all "monthly-active" balances (balances that had a voluntary outoging transaction in the past 28 days) that were also active in the past week- shows us frequency of usage among the active userbase.
What % of balances that had a voluntary outgoing transaction in 28 to 21 days prior were active in the past week- measures retention and how often users come back.

Each of these metrics can then be segmented into different cohorts, such as continent, balance size, sector, etc. Then we look through the trends and numbers and see which are the most promising areas, which areas are stagnant, which areas are strong, etc.

This is just some of what I was thinking. If you want to discuss more via email or skype, let me know!
Fantastic. I would rather continue here so everyone can contribute, or at least watch. I like that Mr Big Data confirms my theory as there have been some skeptics who insist that NXT asset prices will deflate as NXT price rises. While some of this will happen, if the value isnt deflating, it has to be a temporary price discrepancy.

The quickest thing that could use an expert to look at is an overal NXT market adoption metric. There is a lot of raw data, but I think buried in there is a metric that we can use to approximate the true value of NXT. Granted, there wont be an external anchor to price it in BTC or USD, but as long as it can be correlated to a reasonable widow of market prices, we might be able to extrapolate future prices based on this metric.

The crypto prices tend to get pretty crazy and we can easily get convinced that event X is worth Y, but ultimately it is the adoption that creates value, so the markets estimate of various external events can be off by a significant margin.

Once we get this metric(s), then we can concentrate on improving them without regard to the short term prices as that will create a lot more efficient use of resources.

Did I get this right? I am new to Big Data

James
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iluvhermione

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Re: [Help offered] Data analysis to help NXT
« Reply #8 on: June 14, 2014, 03:40:03 am »

Quote
The quickest thing that could use an expert to look at is an overal NXT market adoption metric. There is a lot of raw data, but I think buried in there is a metric that we can use to approximate the true value of NXT. Granted, there wont be an external anchor to price it in BTC or USD, but as long as it can be correlated to a reasonable widow of market prices, we might be able to extrapolate future prices based on this metric.

Sure, this sounds doable. Is there documentation I can read on how raw data can be accessed?
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