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NXT: Use it or lose it! singapore
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Author Topic: NXT: Use it or lose it!  (Read 662 times)

colin012

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NXT: Use it or lose it!
« on: May 27, 2014, 04:27:09 pm »

So, I was wondering if we should implement a system to prevent NXT from going missing. I saw one crypto (I don't remember it because it failed dramatically) that implemented a use it or lose it type system that prevented their coin from disappearing due to forgotten passwords or lost hard drives. How it worked was like this: if an account did not send or receive any coins for over three years, all the coins in the account's wallet were sent back to be mined (or forged) and the addresses (or account id in the case of NXT) were wiped from the database so they could be used again. I was wondering if NXT could implement something like this to make sure that all NXT stay in circulation and don't end up being wasted.

I still don't know the NXT system as well as I know other cryptos so this may not even be a viable problem for NXT, but if it is a possible problem, this is how I would suggest resolving it.
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Tosch110

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Re: NXT: Use it or lose it!
« Reply #1 on: May 27, 2014, 05:32:02 pm »

The idea general is not bad.

But personal I do not like it because any person that decides not to use nxt for a specific time will be punished by loosing all.

Not using it can have several reasons, you might want to put some nxt on the side for later.
My english is not very good to explain it, but an example:
I want to put some nxt aside for the future of my children.
I put 10.000 nxt which might be worth way more in the future into one account, the passphrase in some safe.

This procedure might have several reasons but I think this is an important feature for a 'currency' or 'stock' whatever you call NXT.

Eadeqa

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Re: NXT: Use it or lose it!
« Reply #2 on: May 27, 2014, 05:47:21 pm »

So, I was wondering if we should implement a system to prevent NXT from going missing. I saw one crypto (I don't remember it because it failed dramatically) that implemented a use it or lose it type system that prevented their coin from disappearing due to forgotten passwords or lost hard drives. How it worked was like this: if an account did not send or receive any coins for over three years, all the coins in the account's wallet were sent back to be mined (or forged) and the addresses (or account id in the case of NXT) were wiped from the database so they could be used again. I was wondering if NXT could implement something like this to make sure that all NXT stay in circulation and don't end up being wasted.

There are plenty of NQT for all of earth's economy for hundreds of years. If some are lost, it's not a problem. That just means higher price per Nxt (demand / available nxt)

Even if 1 Nxt equals 10 million dollars, 1 NQT would still be 1/10 cent and you could still use it to buy a candy.


 
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achim

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Re: NXT: Use it or lose it!
« Reply #3 on: May 27, 2014, 05:49:33 pm »

It's a good motive to encourage circulation, because only a circulating currency generates an active economy. It's just not the right method.
After 2.9 years I'd just send all my Nxt to another account and hoard on.

The functional benefit of Nxt should be incentive enough to buy it and spend it.
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