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Monetary System documentation
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Author Topic: Monetary System documentation  (Read 37359 times)

bitcoinpaul

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Re: Monetary System documentation
« Reply #20 on: November 04, 2014, 04:46:07 pm »

What's with 1 Currency and 1 NXT?

lol. accept it ;)
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POPPP

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Re: Monetary System documentation
« Reply #21 on: November 04, 2014, 05:06:34 pm »

Very great Work.
Can I distribute an asset and send MScoin like a dividend ?

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Ludom

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Re: Monetary System documentation
« Reply #22 on: November 04, 2014, 08:10:53 pm »


If a MScoin is used, it'll never be deleted : it's almost impossible to have every coins back.

17575 different coins are not enough : it's only 17mio of NXT, it's lesser as SuperNET !!! I think in two years every names will be squatted. It's not enough different coins.
In the future is it possible to easily accept new coins with more new symbol ($£€& and numbers) or more letters (4 or 5) ?

---

Thanks for this Monetary System documentation. It's very useful !!!

The ideas are coming in my mind.

Best feature EVER !
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Sebastien256

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Re: Monetary System documentation
« Reply #23 on: November 04, 2014, 08:22:19 pm »


If a MScoin is used, it'll never be deleted : it's almost impossible to have every coins back.

17575 different coins are not enough : it's only 17mio of NXT, it's lesser as SuperNET !!! I think in two years every names will be squatted. It's not enough different coins.
In the future is it possible to easily accept new coins with more new symbol ($£€& and numbers) or more letters (4 or 5) ?

---

Thanks for this Monetary System documentation. It's very useful !!!

The ideas are coming in my mind.

Best feature EVER !

+1, 17575 is not enough.
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msin

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Re: Monetary System documentation
« Reply #24 on: November 04, 2014, 09:13:05 pm »


If a MScoin is used, it'll never be deleted : it's almost impossible to have every coins back.

17575 different coins are not enough : it's only 17mio of NXT, it's lesser as SuperNET !!! I think in two years every names will be squatted. It's not enough different coins.
In the future is it possible to easily accept new coins with more new symbol ($£€& and numbers) or more letters (4 or 5) ?

---

Thanks for this Monetary System documentation. It's very useful !!!

The ideas are coming in my mind.

Best feature EVER !

+1, 17575 is not enough.

I think it's enough, if they are unique names, all the good ones will be squatted regardless of how many are available.
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Ludom

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Re: Monetary System documentation
« Reply #25 on: November 04, 2014, 09:33:52 pm »

Maybe, it's theoricaly enough but the best and pretty ones will be used quickly.

And if NXT has success and people use MS for :
- Shop Bonus coins
- Crowdfunding
- MMORPG money
etc.

18k different coins are not enough for sure in 10 or 20 years.
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2Kool4Skewl

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Re: Monetary System documentation
« Reply #26 on: November 04, 2014, 09:39:00 pm »


If a MScoin is used, it'll never be deleted : it's almost impossible to have every coins back.

17575 different coins are not enough : it's only 17mio of NXT, it's lesser as SuperNET !!! I think in two years every names will be squatted. It's not enough different coins.
In the future is it possible to easily accept new coins with more new symbol ($£€& and numbers) or more letters (4 or 5) ?

---

Thanks for this Monetary System documentation. It's very useful !!!

The ideas are coming in my mind.

Best feature EVER !

+1, 17575 is not enough.

Maybe currency codes shouldn't be unique.
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An economic system is a manifestation of an ideology.  What was lost, we shall reclaim.
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monsterer

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Re: Monetary System documentation
« Reply #27 on: November 04, 2014, 10:16:41 pm »

Maybe currency codes shouldn't be unique.

No offence, but that's a horrible idea. It's horrible on the AE, no need to duplicate the error here. :)

Instead, I propose that the system reserve all existing currency symbols, only to be released when the requesting party proves their ownership.
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msin

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Re: Monetary System documentation
« Reply #28 on: November 04, 2014, 10:20:10 pm »

Maybe currency codes shouldn't be unique.

No offence, but that's a horrible idea. It's horrible on the AE, no need to duplicate the error here. :)

Instead, I propose that the system reserve all existing currency symbols, only to be released when the requesting party proves their ownership.

So who claims USD?  who claims BTC?  There are no owners in currency
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coretechs

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Re: Monetary System documentation
« Reply #29 on: November 04, 2014, 10:23:07 pm »


If a MScoin is used, it'll never be deleted : it's almost impossible to have every coins back.

17575 different coins are not enough : it's only 17mio of NXT, it's lesser as SuperNET !!! I think in two years every names will be squatted. It's not enough different coins.
In the future is it possible to easily accept new coins with more new symbol ($£€& and numbers) or more letters (4 or 5) ?

---

Thanks for this Monetary System documentation. It's very useful !!!

The ideas are coming in my mind.

Best feature EVER !

+1, 17575 is not enough.


I was just about to post the same thing.  Essentially it will cost 17.5M NXT to effectively disable the feature by squatting all combinations.  I don't think that is far enough out of reach for a malicious entity, at least for the immediate future.

Perhaps make the initial fee 5000 NXT and adjust at a later point in time with the other tx fees?
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monsterer

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Re: Monetary System documentation
« Reply #30 on: November 04, 2014, 10:26:01 pm »

So who claims USD?  who claims BTC?  There are no owners in currency

BTC can be claimed by the bitcoin foundation, USD can be claimed by the US government - effectively locking it forever, since there can never be a *true* USD currency on this system.
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msin

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Re: Monetary System documentation
« Reply #31 on: November 04, 2014, 10:45:04 pm »

So who claims USD?  who claims BTC?  There are no owners in currency

BTC can be claimed by the bitcoin foundation, USD can be claimed by the US government - effectively locking it forever, since there can never be a *true* USD currency on this system.

I don't see the Nxt devs agreeing to anything like that.  I say let's see JL and crew come up with and try to make the best use of it before we all start arguing about implementation.
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2Kool4Skewl

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Re: Monetary System documentation
« Reply #32 on: November 04, 2014, 10:47:06 pm »

So who claims USD?  who claims BTC?  There are no owners in currency

BTC can be claimed by the bitcoin foundation, USD can be claimed by the US government - effectively locking it forever, since there can never be a *true* USD currency on this system.

That sounds centralized.

Non-unique asset/currency codes aren't terrible.  Yes, they open up the way for imposter assets/currencies, but they prevent squatting and limitations on the system.  People need to check the asset/currency id.  This can be made easier via QR codes encoded with the id.
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VanBreuk

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Re: Monetary System documentation
« Reply #33 on: November 04, 2014, 10:48:12 pm »

So who claims USD?  who claims BTC?  There are no owners in currency

BTC can be claimed by the bitcoin foundation, USD can be claimed by the US government - effectively locking it forever, since there can never be a *true* USD currency on this system.

Even if you could reserve a list with all existing currency symbols, who would collect, verify and process the requests submitted by 'owners'? What requirements would the requests have to comply with? Who "unlocks" the coin, this is - who is the key keeper? The developers? Doesn't look feasible because it requires an authority.
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Sebastien256

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Re: Monetary System documentation
« Reply #34 on: November 04, 2014, 10:55:00 pm »

is currency symbol is non unique like asset? if they are not unique, then it is fine to only use 3 char symbols.
I hope it will be like asset non uniqueness.
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bitcoinpaul

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Re: Monetary System documentation
« Reply #35 on: November 05, 2014, 08:38:17 am »

Assets non-unique, currencies unique? Devs, tell us about ur thought process. I fear u don't know what u want.
« Last Edit: November 05, 2014, 09:36:00 am by bitcoinpaul »
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monsterer

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Re: Monetary System documentation
« Reply #36 on: November 05, 2014, 09:29:45 am »

Even if you could reserve a list with all existing currency symbols, who would collect, verify and process the requests submitted by 'owners'? What requirements would the requests have to comply with? Who "unlocks" the coin, this is - who is the key keeper? The developers? Doesn't look feasible because it requires an authority.

Just lock them forever - this system as it stands cannot peg currencies anyway, so you could never create a BTC, for example which tracked the real one.
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Riker

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Re: Monetary System documentation
« Reply #37 on: November 05, 2014, 01:17:40 pm »

is currency symbol is non unique like asset? if they are not unique, then it is fine to only use 3 char symbols.
I hope it will be like asset non uniqueness.

The currency symbol and currency name are unique.
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Riker

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Re: Monetary System documentation
« Reply #38 on: November 05, 2014, 01:23:41 pm »

Assets non-unique, currencies unique? Devs, tell us about ur thought process. I fear u don't know what u want.

There are arguments both ways. What we especially dislike about the non-unique asset names are the fake assets that cause users to lose their funds.
Also note that currencies can be deleted while assets cannot.

Please consider, that to the best of my knowledge, this is the first time someone is doing something like this in decentralized environment.
I can only assure you that we put a lot of thought into every design decision.


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bitcoinpaul

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Re: Monetary System documentation
« Reply #39 on: November 05, 2014, 01:34:04 pm »

What we especially dislike about the non-unique asset names are the fake assets that cause users to lose their funds.

Really? R we playing ping pong or what?
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