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A whole country adopting Nxt
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Noble

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A whole country adopting Nxt
« on: June 05, 2016, 11:20:31 pm »

I,m a digital marketer, representing a bunch of investors, looking fto REPLACE the whole monetary system of Venezuela. We are convinced that this is a perfect economic,politic, and social momentum to offer to Venezuelans a cryptocurrency that release them of the nightmare we are living. We have no technical knowledge nor experience on cryptocurrency, beyondo common knowledge as users (bitcoin has become a releease to us). We are businessman, with a well stablished structure, in almost any corner of this country, and each one in his region, have hundreds of other retalilers ans service providers willing to deploy any alternative currency. We need help! Could be Next a solution? He have startup capital, and logistics, but no financial, economic, or coding background. Let us know what you think obut this initiative.
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JohnHolmes

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Re: A whole country adopting Nxt
« Reply #1 on: June 06, 2016, 06:03:17 am »

I,m a digital marketer, representing a bunch of investors, looking fto REPLACE the whole monetary system of Venezuela. We are convinced that this is a perfect economic,politic, and social momentum to offer to Venezuelans a cryptocurrency that release them of the nightmare we are living. We have no technical knowledge nor experience on cryptocurrency, beyondo common knowledge as users (bitcoin has become a releease to us). We are businessman, with a well stablished structure, in almost any corner of this country, and each one in his region, have hundreds of other retalilers ans service providers willing to deploy any alternative currency. We need help! Could be Next a solution? He have startup capital, and logistics, but no financial, economic, or coding background. Let us know what you think obut this initiative.

Welcome, I'm sure you'll find people on this forum very helpful!
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Riker

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Re: A whole country adopting Nxt
« Reply #2 on: June 06, 2016, 06:16:11 am »

Hi Noble, welcome, my thinking is that if you like the 30M residents of Venezuela to start using NXT tomorrow then this is not practical of course.
However, if you like to start to discuss the challenges, build the tools and experiment with the technology on a small scale, then yes, the NXT technology can do that for you and in the long range can also scale to serve the whole population of Venezuela.
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lurker10

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Re: A whole country adopting Nxt
« Reply #3 on: June 06, 2016, 06:26:11 am »

hi Noble, welcome to the forum. Can you tell more what is the situation on the ground in Venezuela. Mainstream media reports are rare and often can't be trusted. A couple of links you might find useful.
https://en.wikipedia.org/wiki/Local_Exchange_Trading_Systems
https://nxtforum.org/assets-board/drachmae-test-cases-tokens-assets/
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Nextshares

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Re: A whole country adopting Nxt
« Reply #4 on: June 06, 2016, 12:31:18 pm »

If all Venezuela people adopt NXT, i can't image how high price of NXT, too the moon ;D
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farl4bit

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Re: A whole country adopting Nxt
« Reply #5 on: June 06, 2016, 12:41:02 pm »

That would be great of course! Nxt is a perfect platform with a lot of tools to become a total platform for currency and more. A bit to enthousiastic to transform Venezuela, but I don't know you resources. 

Good luck!
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LocoMB

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Re: A whole country adopting Nxt
« Reply #6 on: June 06, 2016, 01:29:03 pm »

Hi Noble, welcome, my thinking is that if you like the 30M residents of Venezuela to start using NXT tomorrow then this is not practical of course.
However, if you like to start to discuss the challenges, build the tools and experiment with the technology on a small scale, then yes, the NXT technology can do that for you and in the long range can also scale to serve the whole population of Venezuela.


Hi Noble - we here are all convinced that the NXT tech platform is what can bring solutions for the future, especially for poor Venezuela that is being torn apart between all kinds of wolves.
Many in the crypto communities have been wondering why crisis torn countries like Greece or more recently Venezuela have not turned to cryptos already-
but things are moving slowly sometimes, esp. where whole countries are involved.
As Riker has said- we are not at a status righ tnow where we could roll out a mass scale solution for a whole country tomorrow.
But.
There is the potential within the NXT platform to do exactly that, albeit on a slighty longer time scale.
Maybe 1 or 2 years. Rough guess, no robust predicition.

On the other hand, for some isolated use cases, solutions may already exist.

You have come to the right place.
« Last Edit: June 06, 2016, 01:39:05 pm by LocoMB »
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websioux

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Re: A whole country adopting Nxt
« Reply #7 on: June 06, 2016, 01:56:21 pm »

Hi Noble

What about a centralized cryptocurrency as a temporary solution ?

Here, it is all about decentralized solutions because this is what prevents (limits) power concentration, but this is also what makes it so difficult to be ready for global scale. This is some kind of a long Graal Quest that, If I understand you can not afford because you have the emergency to get out of the nightmare where every morning you wake up to realize that your money (and the one of all the people you love) is worth less and less.. you now know that you do not have a currency anymore.

Nxt (and the other decentralized ones) can not handle the number of transactions that you'd have if a whole country adopt it for basic transactions.

The problem of a centralized cryptocurrency is a problem of governance. The scale problem is solvable (I'm quite sure it is hard and that experienced people are rare but they exists, it is not different from any big web coorp scaling difficulty). Governance problem can be partially improved by voting. Couldn't Nxt yet support a currency governance voting? Isn't what the russians are planing to do with their clone of Nxt ? The more it can handle, the more people and the more frequent the governance decisions can be.

At least it is sufficient for 1000 people to vote about 1 to 100 things per day !

It offers a great deal of transparency.

It is secured.

Couldn't this save the boat ?

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remix

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Re: A whole country adopting Nxt
« Reply #8 on: June 06, 2016, 02:14:01 pm »

Nxt (and the other decentralized ones) can not handle the number of transactions that you'd have if a whole country adopt it for basic transactions.

There is no reason to have every transaction on the blockchain. But the bigger transactions should be on the blockchain. This gives the currency credibility and ultimately value.

In practice you would build an exchange where everybody in the country can easily join, and allows them to convert their current money to NXT. The exchange would also allow internal person-to-person transactions for free or a small fee. Most small transactions would be done by using this feature. The exchange would also allow anybody to withdraw NXT at any time, and these transactions would be stored on the blockchain.
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Noble

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Re: A whole country adopting Nxt
« Reply #9 on: June 07, 2016, 03:18:30 am »

Hi Noble, welcome, my thinking is that if you like the 30M residents of Venezuela to start using NXT tomorrow then this is not practical of course.
However, if you like to start to discuss the challenges, build the tools and experiment with the technology on a small scale, then yes, the NXT technology can do that for you and in the long range can also scale to serve the whole population of Venezuela.

Will be practical! In the matter of fact, bitcoin is taking more and more space everyday. Lots of people mining, and a lots of retail transactions already made on bitcoin. Everything worth more than 300$ is sold and traded on US$ on paypal, payoneer, skrillex, bitconin and now, Ethereum.
Beleive me, the market is ready.
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Noble

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Re: A whole country adopting Nxt
« Reply #10 on: June 07, 2016, 03:24:49 am »

hi Noble, welcome to the forum. Can you tell more what is the situation on the ground in Venezuela. Mainstream media reports are rare and often can't be trusted. A couple of links you might find useful.

}}

Would be more helpful if you ask especific questions. There is a lot of bad stuff happening here. We have highest infration rate in the world, and inflation scalates around 1.5 to 2% a day. Our currency doesn´t worth nothing, at the point that a xerox copy of our highest denomination coin, cost more than the note. Will be happy to answer anything you wanna know.
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Noble

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Re: A whole country adopting Nxt
« Reply #11 on: June 07, 2016, 03:26:42 am »

If all Venezuela people adopt NXT, i can't image how high price of NXT, too the moon ;D

I was thinking in to create a currency over MS. That would be good for NXT price too? (Sorry for ignorance. that´s why I need help)
« Last Edit: June 07, 2016, 03:41:39 am by Noble »
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Noble

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Re: A whole country adopting Nxt
« Reply #12 on: June 07, 2016, 03:29:07 am »

That would be great of course! Nxt is a perfect platform with a lot of tools to become a total platform for currency and more. A bit to enthousiastic to transform Venezuela, but I don't know you resources. 

Good luck!

What do we need? As i explained, we are a Union of public service providers. Couple of wealthy guys, waiting for me to show that i will gather and convince the professionals to support the technical part of the deal.
« Last Edit: June 07, 2016, 03:41:06 am by Noble »
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Noble

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Re: A whole country adopting Nxt
« Reply #13 on: June 07, 2016, 04:15:37 am »

Hi Noble

What about a centralized cryptocurrency as a temporary solution ?

I have that idea too, but, we want to offer to our population, total transparency. If it is centralized, govt will attack us a savage capitalists, owners of the new currency, made to destroy the revolution. By now, Govt has a neutral position on cryptocurrency, but being centralized. will raise doubt. Remember this is the most corrupt country in the world.

Here, it is all about decentralized solutions because this is what prevents (limits) power concentration, but this is also what makes it so difficult to be ready for global scale. This is some kind of a long Graal Quest that, If I understand you can not afford because you have the emergency to get out of the nightmare where every morning you wake up to realize that your money (and the one of all the people you love) is worth less and less.. you now know that you do not have a currency anymore.

Will not lie. We want to make money from this, but power is not a priority for the group. We wanna give freedom and safety to the people


Nxt (and the other decentralized ones) can not handle the number of transactions that you'd have if a whole country adopt it for basic transactions.

The problem of a centralized cryptocurrency is a problem of governance. The scale problem is solvable (I'm quite sure it is hard and that experienced people are rare but they exists, it is not different from any big web coorp scaling difficulty). Governance problem can be partially improved by voting. Couldn't Nxt yet support a currency governance voting? Isn't what the russians are planing to do with their clone of Nxt ? The more it can handle, the more people and the more frequent the governance decisions can be.

At least it is sufficient for 1000 people to vote about 1 to 100 things per day !
MORE THAN ENOUGH

It offers a great deal of transparency.

It is secured.

Couldn't this save the boat ?
IT COULD! both boats!
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Riker

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Re: A whole country adopting Nxt
« Reply #14 on: June 07, 2016, 06:53:09 am »

If all Venezuela people adopt NXT, i can't image how high price of NXT, too the moon ;D

I was thinking in to create a currency over MS. That would be good for NXT price too? (Sorry for ignorance. that´s why I need help)

Yes, you should probably start to experiment with MS currency tokens and later transition to a child chain once NXT 2.0 is operational.
Such project will indirectly help the NXT price since users will pay fees in NXT when they send transactions and because of the marketing and network effect.
Regarding the project definition and resources, my recommendation is that you approach the NXT foundation team (Damelon and EvilDave) they can connect you with our technical team and give you some tips how to promote the project.
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wolffang

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Re: A whole country adopting Nxt
« Reply #15 on: June 07, 2016, 07:06:19 am »

If all Venezuela people adopt NXT, i can't image how high price of NXT, too the moon ;D

I was thinking in to create a currency over MS. That would be good for NXT price too? (Sorry for ignorance. that´s why I need help)

Yes, you should probably start to experiment with MS currency tokens and later transition to a child chain once NXT 2.0 is operational.
Such project will indirectly help the NXT price since users will pay fees in NXT when they send transactions and because of the marketing and network effect.
Regarding the project definition and resources, my recommendation is that you approach the NXT foundation team (Damelon and EvilDave) they can connect you with our technical team and give you some tips how to promote the project.

bas@nxtfoundation.org   (Damelon)
dave@nxtfoundation.org  (EvilDave)
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lurker10

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Re: A whole country adopting Nxt
« Reply #16 on: June 07, 2016, 07:43:26 am »

I'm not certain if this is something you could use, but there is a semi-decentralized 100% backed currency experiment while Nxt 2.0 is still a year away. The idea is to enable small daily transactions and pay no fees. The fees to move MS currency have been the main determent in using MS in Nxt 1.0. When Nxt 2.0 is around, this plan could go all digital. Paper money isn't going to vanish any time soon, you should try this approach while waiting for Nxt 2.0.

I) issue a MS currency with a floating NXT (possibly bound to USD price) exchange rate, updated in the MS exchange booth on a daily basis.

II) issue paper notes for circulation in the local community, redeemable into said MS currency upon request of paper notes bearer.
Paper notes will be practical to use for small every day transactions because zero fees. MS currency has fees in NXT, local community members will redeem into MS currency for large transactions, they'll use it for large direct P2P purchases and maybe for short-term savings. Pay members of local community for the work they do with these paper notes, keep a record of all paper transactions like a bank would record them.

III) establish acceptable exchange rate and redemption fees for the risks you take. Teach them how to operate the NXT client for redemptions (lite client should be convenient), set up a safe and smooth redemption procedure.

Advantages:
* no fees for small daily trades between users.
* currency with little or no inflation vs the insane bolivar inflation.
* you are accountable to local community vs the government somewhere out there.

Small disadvantage :)
* need to build trust with the local community that you will act good on the currency, will not create more currency than the wealth you have, 100% backing.
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Noble

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Re: A whole country adopting Nxt
« Reply #17 on: June 07, 2016, 07:47:20 pm »

I'm not certain if this is something you could use, but there is a semi-decentralized 100% backed currency experiment while Nxt 2.0 is still a year away. The idea is to enable small daily transactions and pay no fees. The fees to move MS currency have been the main determent in using MS in Nxt 1.0. When Nxt 2.0 is around, this plan could go all digital. Paper money isn't going to vanish any time soon, you should try this approach while waiting for Nxt 2.0.

I) issue a MS currency with a floating NXT (possibly bound to USD price) exchange rate, updated in the MS exchange booth on a daily basis.

II) issue paper notes for circulation in the local community, redeemable into said MS currency upon request of paper notes bearer.
Paper notes will be practical to use for small every day transactions because zero fees. MS currency has fees in NXT, local community members will redeem into MS currency for large transactions, they'll use it for large direct P2P purchases and maybe for short-term savings. Pay members of local community for the work they do with these paper notes, keep a record of all paper transactions like a bank would record them.

Paper notes are illegal, due to Central Bank Monopoly. Monetary legislation is a century outdated, but print money, is a serious fellony.

III) establish acceptable exchange rate and redemption fees for the risks you take. Teach them how to operate the NXT client for redemptions (lite client should be convenient), set up a safe and smooth redemption procedure.

Will check the lite clients

Advantages:
* no fees for small daily trades between users.
* currency with little or no inflation vs the insane bolivar inflation.
* you are accountable to local community vs the government somewhere out there.

Small disadvantage :)
* need to build trust with the local community that you will act good on the currency, will not create more currency than the wealth you have, 100% backing.

I think we can establish trust thru marketing and advertising. Anything is better than what people have now.People is claiming for a solution!
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Noble

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Re: A whole country adopting Nxt
« Reply #18 on: June 07, 2016, 07:56:18 pm »

Nxt (and the other decentralized ones) can not handle the number of transactions that you'd have if a whole country adopt it for basic transactions.

There is no reason to have every transaction on the blockchain. But the bigger transactions should be on the blockchain. This gives the currency credibility and ultimately value.

In practice you would build an exchange where everybody in the country can easily join, and allows them to convert their current money to NXT. The exchange would also allow internal person-to-person transactions for free or a small fee. Most small transactions would be done by using this feature. The exchange would also allow anybody to withdraw NXT at any time, and these transactions would be stored on the blockchain.

Do you know somebody who can buld that for us?
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lurker10

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Re: A whole country adopting Nxt
« Reply #19 on: June 07, 2016, 08:08:59 pm »

Paper notes are illegal, due to Central Bank Monopoly. Monetary legislation is a century outdated, but print money, is a serious fellony.

Huh, you don't print official state currency, you print your casino chips. Make them plastic, lol.

Make a centralized website with the fee-free transfer of this private form of money between users, 100% backed by your union to redeem to semi-decentralized MS currency and decentralized NXT, but this will limit usage to those who can get online. Paper notes are preferred, they would be used and recognized by everyone, even illiterate.
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